Centurion Apartment REIT Investor Presentation

Investing for Income & Stability

Certainty in uncertain times

Overview ofCenturion Apartment REIT

Disclaimer Statement

Centurion Apartment REIT95 Mural StreetSuite 306Richmond Hill, ONL4B 3G2 Toll Free: 1-888-737-REITwww.centurionapartmentreit.com

IMPORTANT INFORMATION: This communication is for information purposes only and is not, and under no circumstances is to be construed as, an invitation to make an investment in Centurion Apartment REIT. Investing in the REIT Units involves significant risks. There is currently no secondary market through which the REIT Units may be sold and there can be no assurance that any such market will develop. A return on an investment in REIT Units of Centurion Apartment REIT is not comparable to the return on an investment in a fixed-income security. The recovery of an initial investment is at risk, and the anticipated return on such an investment is based on many performance assumptions. Although Centurion Apartment REIT intends to make regular distributions of its available cash to Unitholders, such distributions may be reduced or suspended. The actual amount distributed will depend on numerous factors, including Centurion Apartment REIT’s financial performance, debt covenants and obligations, interest rates, the occupancy rates of Centurion Apartment REIT’s properties, working capital requirements and future capital requirements. In addition, the market value of the REIT Units may decline if Centurion Apartment REIT is unable to meet its cash distribution targets in the future, and that decline may be material. It is important for an investor to consider the particular risk factors that may affect the industry in which it is investing and therefore the stability of the distributions that it receives. There can be no assurance that income tax laws and the treatment of mutual fund trusts will not be changed in a manner which adversely affects Centurion.

PAST PERFORMANCE MAY NOT BE REPEATED. Investing in REIT Units can involve significant risks and the value of an investment may go down as well as up. There is no guarantee of performance. An investment in a REIT is not intended as a complete investment program and should only be made after consultation with independent investment and tax advisors. Only investors who do not require immediate liquidity of their investment should consider a potential purchase of Units. The risks involved in this type of investment may be greater than those normally associated with other types of investments. Please refer to the REIT Offering Memorandum for a further discussion of the risks of investing in a REIT.

The REIT Units are not “deposits” within the meaning of the Canadian Deposit Insurance Corporation Act (Canada) and are not insured under the provisions of that act or any other legislation.

Additional Information

Centurion Apartment An unincorporated open-end investment trust created by declaration of a trust made REIT: as of August 31, 2009. For the purposes of the Income Tax Act it is a mutual fund trust.

Legal Advisors: Cassels Brock and Blackwell LLPLegal advisers of the Centurion Apartment REIT

Auditor: BDO Dunwoody LLP (for Centurion Apartment REIT)Centurion Apartment REIT Management Inc. will act as the transfer agent and registrar of the REIT Units.

Legal Entity: Centurion Apartment Real Estate Investment Trust

Asset Manager: Centurion Apartment REIT Management Inc.

Property Manager: Centurion Property Associates Inc.

Table of Contents

1) Introduction: Challenge, Need & Solution

2) Benefits of Investing in Real Estate

3) Who we are: Centurion Property Associates Inc.

4) Overview: Centurion Apartment REIT

5) Summary & Helpful Resources

Appendix

- Includes purchase information

Investing for Income & Stability – certainty in uncertain times

S&P/TSX Composite Index / 5-year GIC Rates (10 calendar years to December 31, 2009)

Sources: Standard & Poor’s (S&P/TSX Index as at December 31, 2009); Bank of Canada (GIC rates – “posted rates” at Chartered Banks as at January 31 of each year)

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

13,000

14,000

15,000

16,000

2.63% 2.53% 2.68% 2.88% 1.95%

5.60% 4.45%3.40% 3.35% 2.50%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

??2010

11,389Sep 1-00

15,073Jun 18-08

7,567Mar 9-09

5,813Oct 10-02

Challenge: Volatile Markets / Low Interest Rates

Riskier asset classes volatile / GIC rates barely cover inflation

11,746Dec 31-09

Need: Income from Investments / Portfolio Stability

Important considerations for many investors

Your lifestyle is based on your “after-tax” incomeThe tax factor

Conservative investors (pre-retirees) looking for: Moderate growth Capital preservation Tax-advantaged income

Income-oriented investors (retirees) looking for: Regular income distributions Tax-advantaged income Capital preservation

Not “going corporate” in thepopular Income Trust Category

One of the safest sectors inReal Estate and Income Trusts

Generally provides more stable,rational pricing with lower volatility

Solution: Consider an Apartment REIT

Investing for Income & Stability – certainty in uncertain timesA timely opportunity to invest in one of the safest sectors within the real estate market –income producing apartment properties in Canada

Regular Income / moderate growth / capital preservationMeeting investor needs

REITs: “Core” Income Solution123

Consider an Apartment REIT

“Private” REIT advantages

Solution: Centurion Apartment REIT

Investing for Income & Stability – certainty in uncertain timesA timely opportunity to invest in one of the safest sectors within the real estate market –income producing apartment properties in Canada

Key Features

8% annual distributions(paid monthly)

“Tax-advantaged” income

Potential for capital growth

“Private” apartment REIT

Low correlation to other income sectors and asset classes

Dependable income solution plus adds stability to portfoliosProven expertise

Key Benefits: Steady, reliable income to meet clients’

financial needs

More “after tax” income (vs. other income sources) to afford a better lifestyle

Moderate capital growth potential to help offset inflationary concerns

Stable, rational pricing. Lower volatility

Better diversified portfolio + less volatility = “sleep at night portfolio”

Benefits of Investing in Real Estate

Advantages of Real Estate

Income: Tenant base provides the foundation for stable and predictable income

Investment growth: A “hard asset” that appreciates over time

Lower volatility: Not impacted by as many short-term market forces as other asset classes

Capital preservation: For several usages a “fundamental staple” with downside protection (varies by sub sector)

Inflation hedge: Real estate has a history of protecting against the destruction of wealth caused by inflation

1

2

3

4

5

Quick Overview

Commercial Industrial Retail

Real Estate sub sectors do not perform the same Above sub sectors will react differently to various market forces(i.e., economic boom/bust, financial crisis, interest rates, currency, unemployment rates, etc.)

Services Apartments Single Family Homes/

Condominiums

Real Estate Sub Sectors

Real Estate InvestmentReal Estate Investment Trusts (REITs): REITs are income-producing, diversified real estate investments. All REITs operate like mutual funds. They are one of the most popular options to add the benefits of real estate into an investor’s portfolio.

Consider Apartment REITs: The most conservative REITs invest only in apartments. Proven over time to be the least volatile mainly because they do not suffer from “anchor tenant risk”, namely that no individual tenant leaving an apartment building can materially affect rents in the same way that a big box chain could in, say, a shopping centre REIT.*

*Source: Centurion Apartment REIT

Data Source: PricewaterhouseCoopers, June 2009; *REIT IPO source: Financial Post, February 22, 2010

Number and market cap (at end of year except 2006; as at June 2009)

51 57 58 5262

101

136

175

234

195

$15 $16 $18 $20$28

$44

$83

$121

$191$184

$106

250

200

150

100

50

0

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

$218

$187

Drop in value after Fed announcement

October 2006 to November 2006

Aggregatemarket value

($billions)

Number of income trusts

254

171

$115

212

REITs: Key Sector in the Income Trust Market

Concern: Income Trusts “going corporate” . . . but REITs set to grow in 2010

171252214

110Number

June 2009

Source: TD Newcrest, June 2009

-36%-63173Business-39%-923Pipeline & Power

ChangeOct 2006

-33%-83254Total Income Trusts-8%-227REITs

-41%-931Oil & Gas Royalty

% Change# ChangeNumberIncome Trust Sectors

*REIT IPOs worth about $500 MM being introduced Q2-10

Most Canadian REITs are exempt from the new rules regarding income trusts and will continue as is beyond 2011

“Private” REITs: An Important Consideration

Differences between Public and Private REITs

Publicly-Traded REITs: Trade on a public stock exchange (provide

instant liquidity as they buy & sell units every day)

Trading daily also means investors can push price up or down, reflecting current market sentiment and regardless of actual market value

Increased costs due to requirements of a publically listed stock

History of more volatile pricing

Tend to be more highly correlated to stock prices2008: Public REIT Market*: -34.0% S&P/TSX: -33.0%

Private REITs: Not traded on a public stock exchange

(generally offering only 30-day liquidity)

Value of REIT is based on the value of underlying real estate (not a “traded”market price) helping avoid volatile movements in the stock market enhanced by sentiment

No additional “public listing” related regulatory costs

Stable, rational pricing = lower volatility

Tend to be far less correlated to major equity markets2008: Non Listed Property Ownership**: +3.7%

All REITs are governed by boards of trustees and produce audited financial statements. The two main categories of REITs in Canada are “public” REITs and “private” REITs

* Source: IPD ** Source IPD; Note: Non listed property ownership is similar to a Private REIT

$84,532

$10,000 invested (Dec 31-1984) $10,000 invested (Dec 31-1997)

S&P/TSX Composite Index TR

$125,000

$100,000

$75,000

$50,000

$25,000

$0

Val

ue o

f $10

,000

1987Black

Monday Crash

1997Asian

Financial Crisis

1998Russian& LTCM bailout

2000/02Internet Bubble

Bursts& 9/11

2008/09Global

Financial Crisis

S&P/TSX Capped REITs Index TR*

Growth of $10,000 invested (past 25-year period as at December 31, 2009)

Comparing Asset Class Performance

REITs are not guaranteed, their values can change frequently and past performance is no guarantee of future results.

Publicly-traded REITs tend to exhibit Stock Market volatility & may be correlated

–

25.1

1985

–

-14.8

1990

–

12.0

1991

–

-1.4

1992

–

32.5

1993

–

-0.2

1994

–

14.5

1995

21.4

7.4

2000

29.9

-12.6

2001

7.4

-12.4

2002

25.9

26.7

2003

14.0

14.5

2004

25.3

24.1

2005

24.7

17.3

2006

-5.7

9.8

2007

-38.3

-33.0

2008

55.3

35.1

200919991998199719961989198819871986Calendar Returns (%)

14.8

31.7

-8.5

-1.6

––––––S&P/TSX CappedREITs Index TR (%)*

15.028.321.411.15.99.0S&P/TSX Composite Index TR (%)

*Inception date for the S&P/TSX Capped REITs Index was Oct.15, 2002, however, the back calculation pricing is available starting Dec.31,1997 Source: Morningstar Research Inc. as at Dec. 31, 2009;

For Directional Purposes Only (the starting pointsof the two indices cannot be the same for the period shown*)

5%0%5%

10%15%20%25%

Total ReturnIncome ReturnCapital Growth

1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009$0

$25,000

$50,000

$75,000

$100,000

$125,000

$150,000

Valu

e of

$10

,000

$141,300

2008/09Global Financial

Crisis

Comparing Asset Class Performance

Private Apartment Property Index exhibits steady growthGrowth of $10,000 invested (past 25-year period as at December 31, 2009)

REITs are not guaranteed, their values can change frequently and past performance is no guarantee of future results.Above ICREAM / IPD Index only available with annual data points versus indices on previous slide shown with quarterly data.

“Consistently positive growth over the past 25 years”

1987Black

Monday Crash

1997Asian

Financial Crisis

1998Russian& LTCM bailout

2000/02Internet Bubble

Bursts& 9/11

ICREIM / IPD Canada Residential "Apartment" Property Index (TR)

Source: ICREIM / IPD Canada Annual Property Index as at Dec. 31, 2009* Average is calculated over the 25-year period of ICREIM / IPD Index

(avg. 11.3%)*(avg. 7.4%)*(avg. 3.7%)*

$10,000 invested (Dec 31-1984)

“Positive calendar year Total Returnsevery year over past 25 years”

Recap: Why an Apartment REIT?

An ideal investment choice for many investors

Investor Needs

Need for stable & consistent income

Moderate growth to help offset inflation

Stable investments and capital preservation

“Private” Apartment REIT Benefits

Proven history of regular “tax advantaged” income distributions

Capital growth in addition to regular income

Low volatility and low correlation to other asset classes

Investor Suitability- Long-term investors focusing on regular income and have a moderate risk tolerance - There are certain risks inherent in an investment in a REIT including risks related to liquidity /

timing of redemptions and general real estate property ownership- Please read the Offering Memorandum / Prospectus of all REIT-based investments

Focused, Experienced & ProvenFocused Dedicated to investing and managing multi-unit residential properties

primarily apartments

Experienced Established in 2003 Mr. Romundt, President and the Board of Trustees (5) have significant

depth of real estate investment and management experience

Disciplined Proven, process-driven investment methodology to manage risk and

uncover opportunities to maximize “steady income” from properties

Executive Ownership Mr. Romundt and Trustees of Centurion Apartment REIT have a

substantial investment stake in the REIT

Clients Predominately institutional (new REIT open to individual investors)

Centurion Properties Associates Inc.Who we are . . .Who we are . . .

At-a-Glance: Our History & Growth

Corporate milestones and portfolio growth since 2003Centurion Apartment Portfolio Growth

62 128188

235

819

1179 1179 1179

2

4

67

2223 23 23

0

200

400

600

800

1000

1200

1400

1600

2003 2004 2005 2006 2007 2008 2009 YTD-10

Num

ber o

f Apa

rtm

ent U

nits

0

5

10

15

20

25

30

Num

ber

of A

partm

ent C

ompl

exes

Apartment Units

Apartment Complexes

2003: Initial units(15 town homes)

purchased in Barrie

2006: Centurion establishesCenturion Apartment Properties LP

(CAPLP) a “total return” investment

2009: Centurion Apartment REITformed from CAPLP and began

distributions to investors

Source: Centurion Apartment REIT Management Inc. as at February 28, 2010

* Responsible for the day-to-day Executive Management of Centurion Apartment REIT. Please see Appendix for detailed biographies of the five Trustees

Overview: Executive & Operational Teams

Greg RomundtHBAPresident & Trustee *

Adrian WongOperations Manager & Trustee *

Depth of experience & expertiseFive Trustees are responsible for the general control and direction of Centurion Apartment REIT

Ross AmosMBA, ICD.DIndependent Trustee

Martin BernholtzBBA, CAIndependent Trustee

John MillsMBA, ICD.DIndependent Trustee

Property Management Marjorie Hunter

Northern Portfolio

Myles KranovichSW Ontario Portfolio

Marcela PeanaKitchener Portfolio

Accounting Brian Wong

CGA

Mariana BaciuProperty Accountant

Call Center & Site Staff Alice Wong Daisy Grande

Over 30 dedicated residentsite staff

Investor Relations Catherine Perry Susan Yang

Property Accountant

Petya GeorgievaProperty Accountant

Operational Teams

Centurion Apartment REIT

Investing for Income – certainty in uncertain times

Overview:Overview:

A timely opportunity to invest in one of the safest sectors within the real estate market –income producing apartment properties in Canada

Key Features: 8% annual distributions

(paid monthly)

“Tax-advantaged” income

Potential for capital growth

Low correlation to other income sectors and asset classes

Our Focus is Our Advantage: Multi-unit residential properties for stable & consistent income

Canada (smaller communities) for stability, value & growth

Plus, benefit by a “Private” REIT for portfolio stability / lower volatility

What gives our REIT a unique advantage?

Three fundamental strategies working together

Focus on ApartmentsApartments have proven to be the least risky asset class of realestate investment (apartments are a “basic needs” industry and tend not to be as impacted by “anchor tenant risk” as other real estate investments)

Focus on CanadaSolid economy, stable and fiscally responsible government, strong banking and resource sectors = a stable and growing environment to invest in

Benefit of a “Private” REITStable, rational pricing with lower volatility and lower correlation to major equity markets

Please see Centurion website for more details

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DescriptionCenturion Apartment REIT is an

unincorporated open-end investment trust with objectives of

1) providing Unitholders with stable and growing cash distributions,

payable monthly and, to the extent reasonably possible, tax deferred, from investments in a diversified

portfolio of income-producing multi-unit residential properties

located in Canada and, 2) maximizing REIT Unit value

through the ongoing management of Centurion Apartment REIT’s assets and through the future

acquisition of additional multi-unit residential properties.

REIT: September 2009/ CAPLP: March 2006 (rolling into the REIT)Inception Date

C.A. Bancorp Front Street CapitalMacNicol & Assoc. Asset Management Morguard FinancialPolar Securities Inc.

InstitutionalInvestors include

Multi-unit residential properties (primarily apartment complexes)Sector Focus

Private REIT (not listed on a stock exchange)Type of REIT

REITAsset Class

Greg Romundt (since inception); 19 years industry experienceAsset Manager

Portfolio Groups Capital Allocation Apartments 100% Canada 100% Cities 14 Apartment complexes 23

Focused Strategy but Diversifiedwithin Strategy

23 apartment complexes / 1,179 apartment unitsPortfolio*

Canada focusedGeo Exposure

Value investment style using a top down / bottom up research process in investment selection Style

* as at February 28, 2009

Overview: Centurion Apartment REIT

Focused, disciplined & proven 1. Value investment style Generally outside of major cities (avoids Toronto, Montreal, Calgary, Vancouver)

Buildings with fewer than 200 apartment units

Previous owners relatively unsophisticated business operators

“off the radar” of large institutional investors because of size, condition and location

2. Upgrade to maximize income Invest in energy efficiency and utility conservation upgrades

Upgrade apartment suites and tenant profile to increase rents

Perform ongoing property management maintenance to keep fees in-house

Refinance at lower rates (leverage scale) to minimize costs

Wrap enterprise class management, service and technology systems around investment to maximize income

Investment Process (2-step approach)

Greg RomundtPresident& Asset Manager

What we look for: Unrecognized value Untapped income potential Low vacancy and stable tenant

base Strong population demographics

We Ain’t Sexy . . .

. . . but have a proven record of consistency & steady growth

What other REITs often find attractive“For Centurion Apartment REIT we concentrate on smaller communities with low vacancy levels and strong population demographics. These plain but hidden gems are far more appealing when we do the financial analysis”

Examples of Investment Process2Value Opportunity Rents significantly under

market

Building was poorly runand under maintained

Purchase Price:$2.115 million (March 2006)

Value Opportunity Excellent location and

physical infrastructure

But, under capitalized

Purchase Price:$4.57 million (July 2007)

Upgrade Program Renovation & repositioning program

(Lighting retro-fits, new windows, elevator cab upgrades, improved security, common area renovations and in-suite upgrades) 4 month period, investment cost of $350,000

Income:Increased from $160,000 per annum to $250,000 (+56%)

Refinanced:Refinanced after 4 months at $3.2 million

Current Valuation:$3.55 million (+68%)

Upgrade Program Renovation & repositioning program

(Centurion invested in common area renovations and in-suite upgrades to reposition property as a “quality” rental building)

Income:Increasing building income as older units are turned into renovated units

Refinanced:Recently refinanced

Current Valuation:$6.35 million (+39%) in 18 months

47 Suite Apartment Building277 Anderson Avenue

Oshawa

96 Suite Apartment Building356-360 Hoffman Street

Kitchener

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

$22,000

$24,000

2006 2007 2008 2009 2010

Valu

e of

$10

,000

Centurion CAPLP/REIT*

S&P/TSX Composite Index

$10,000

Performance: Centurion Asset Management*

Sources: Centurion Asset Management for CAPLP /REIT as at March 7, 2010 and Morningstar Research Inc. for S&P/TSX Indices as at February 28, 2010.*The above chart is shown only to demonstrate the Manager’s track record and experience with managing apartments. The chart is a composite of the performance of CAPLP and Centurion Apartment REIT (the "REIT"). CAPLP was formed on 7 March 2006. The REIT was formed on 31 August 2009. It is important to note that there are a number of material differences between CAPLP and the REIT which include, but are not limited to: 1) CAPLP used higher degrees of leverage than the REIT intends to use which will, in general have the effect of lowering overall returns but also risk in the REIT relative to CAPLP; 2) CAPLP had a different business and operating strategy than the REIT. CAPLP was designed primarily as a capital growth vehicle and didn't distribute cash flow whereas the REIT is designed to be an income vehicle with modest long term growth; 3) CAPLP bought properties that generally needed higher degrees of capital investment than properties the REIT will likely buy and thus CAPLP may have had outsized opportunities for gains relative to opportunities the REIT maypursue in the future; 4) Because the REIT is designed as an income generating vehicle, the REIT will not be as aggressive in repositioning properties on as large a scale as may have been done in CAPLP; and 5) The Manager is targeting a more conservative risk profile with the REIT than it had done with a capital growth oriented vehicle like CAPLP and thus anticipates that the returns of the REIT will be lower than have been achieved by CAPLP. These differences and others will mean that the performance and risk characteristics of CAPLP and the REIT will be different and potentially materially different. Potential investors should not look upon the performance of CAPLP as indicative of potential performance of the REIT.

PAST PERFORMANCE MAY NOT BE REPEATED.

21.921.99.83.9-0.4Centurion*1.3-0.8-0.741.9Centurion CAPLP/ REIT* TR (%)

-0.9-5.3

3-YearSince Incept.

of CAPLP4-Year2-Year1-YearCompound Returns (%)YTD-10200920082007Calendar Returns (%)

2.72.5

n/a

n/a

-4.52.7

47.6S&P/TSX-0.635.1-33.08.8S&P/TSX Comp Index TR (%)

73.4S&P/TSX Capped REITs3.555.3-38.3-5.7S&P/TSX Capped REITs Index TR (%)

Growth of $10,000 invested (since inception of CAPLP March 2006)*

$10,723

$22,078

Mar 31-06TSX

Mar 7-06CAPLP

$12,823May-08

$7,265Feb-09 -43% or -$5,558 from peak

“Preserved investor capital through recent market correction”

Mar 7-10CAPLP / REIT

Feb 28-10TSX

For Directional Purposes Only (the starting and end points of CAPLP/REIT and TSX index lines are not precisely the same in this illustration*)

Portfolio Diversification

Well diversified by 14 cities / 23 apartment units

Gravenhurst (1)Orillia (1)Barrie (2)Brighton (2)Oshawa (2)Whitby (1)Hamilton (3)

Huntsville (1)Halton Hills (1)

Fergus (1)Milverton (1)Kitchener (5)

London (1)Tillsonburg (1)

Source: Centurion Apartment REIT as at February 28, 2010

71

61

58

48

47

43

3936

33 25 22 19

89

588 units

Portfolio Composition

14 Cities / 23 apartment complexes / 1,179 apartment units

Portfolio BreakdownPortfolio Breakdown# of apartment units by city

191Fergus

1,179 units23 apts14 Cities

221Milverton251Huntsville331Halton Hills361Whitby391Gravenhurst471London481Orillia611Tillsonburg432Barrie582Brighton712Oshawa893Hamilton

588 units5 aptsKitchener# of Apt. UnitsApt. ComplexesCity

Kitchener (588)Hamilton (89)Oshawa (71)Tillsonburg (61)Brighton (58)Orillia (48)London (47)

Barrie (43)Gravenhurst (39)Whitby (36)Halton Hills (33)Huntsville (25)Milverton (22)Fergus (19)

Source: Centurion Apartment REIT as at February 28, 2010

Summary: Centurion Apartment REIT

People Greg Romundt, President, has been the President and Asset Manager

since the inception of CAPLP in March 2006

Experienced & dedicated staff

Process Proven, value-oriented 2-step strategy managed to deliver regular income,

low volatility, moderate capital growth and capital preservation

An independent Board of Trustees provides oversight

Performance Proven track record of strong “total return” since 2006 with strategy now

focused on providing regular income distributions to investors

Portfolio Centurion Apartment REIT can help diversify portfolios overweight in equities

with its low correlation to major asset classes and lower volatility

Key Benefits

REIT for yield Apartment Focused for stable income Private REIT for lower volatility

Web: Centurion Overview & Advantages

For Investors

Helpful Resources

Real Estate Investment Videos, Articles & Resources

www.centurionapartmentreit.com

Appendix

When Industry Needs Info . . . Who Gets the Call?

Purchase Info: Terms, Fees, Compensation & Codes

Biographies of Trustees

Sources: Financial Post, November 23, 2009

When Industry Needs Info . . . Who Gets the Call?

. . . buying on an individual basis always comes with risks which is one of the reasons privately-run REITs are beginning to take off. You get all of the tax advantages of REIT status with none of the exposure to capital markets.

Greg Romundt, president of Centurion Apartments, a private REIT, says his 1,200 apartments have an asset value of $90-million, with mostly institutional investors backing him. But now he's taking aim at individual investors. Each province has different rules on who can invest in a private fund based on wealth or income.

The upside to investing in a private REIT versus buying a building is there are none of the headaches of building management. Mr. Romundtsaid his fund delivers an 8% cash return and 3% to 5% long-term capital growth annually. Management does take 5% of profits and charges a 1.5% fee on the assets under management – in range with any mutual fund.

“I remember after the last stock market crash there was a very large influx into the apartment building [market] because people threw their hands down and said. ‘I'm done with stocks.' There has been like three crashes in 10 years,” said Mr. Romundt, who sees it happening again after this crash. "We're seeing investors like professionals, dentists, teachers. They're looking for stability and we can offer that."

Text excerpts from article. . . while stock markets have been anything but stable, apartment buildings generally held their value through the recession because of steady financing, low vacancy rates and a supply constrained environment created by government regulations.

All the water cooler talk may be about the red-hot housing market, but as apartment owners are quick to point out, about one-third of Canadians still don't own.

Apartment vacancy rates across the country remain relatively low – 2.7% in April 2009, according to Canada Mortgage and Housing Corp. The rate was slightly up from the 2.6% of apartments that were vacant a year earlier.

Apartments on Isabella Street in Toronto, Ont. Apartment buildings generally held their value through the recession. Brett Gundlock/National Post

Purchase Info: Terms & Conditions / Fees

5% Carried Interest *Performance Fees:

2.5%Management Fees:Fees

MonthlyValuations:

Monthly (30 days notice before redemption date)Redemptions:

Monthly (any day of the month)Purchases:

$5,000 (qualified investor)Investment Minimum

Terms &Conditions

Centurion Apartment REIT

* See Offering Memorandum for full details

Biographies of Trustees

Greg Romundt, HBAPresidentMr. Romundt is the founder and President of the Asset Manager, the Property Manager and Centurion Apartment REIT. He has been engaged in investment in residential real estate since 1997 and investments and financial markets since 1991. He has real estate investment experience in Singapore, Britain, Australia, China and Canada. From 1991 to 1997, he worked for Citibank in Toronto, New York and Singapore as a financial derivatives trader in interest rate derivatives, major and emerging currencies and exotic derivatives. From 1997 to 2001, he worked for AIG International Group in Hong Kong, Britain and Singapore as head of emerging market derivatives and then as Senior Vice President and Partner (Emerging Markets). He was the group risk manager, overseeing all of the firms positions in emerging markets and was a member of the risk management committee. He graduated from the Richard Ivey School of Business at the University of Western Ontario with an HBA in 1991

Adrian WongOperations ManagerBringing over 16 years of experience to his role, Mr. Wong is Centurion Property Associates Project Manager. He has overall responsibility for daily project management and field operations, tendering of projects and regular inspections with all site Property Managers. He is directly involved in the coordination of trades, scheduling and cost control and leads the value analysis of potential projects. His extensive knowledge of construction technology and innovative approach often lead to significant cost savings and time for the client. Prior to joining Centurion, he was a Quantity Surveyor and Construction Manager in a general contracting firm in Toronto where he led teams that completed a number of large-scale projects for Property Management companies such as Brookfield, and Cadillac Fairview. He also worked as the lead Project Co-ordinator for a disaster relief and restoration company in Bolton with clients such as Aviva and Royal Sun Alliance. Adrian earned his Construction Estimator Certification in 2002 and a member of the OIQS.

Ross Amos, MBA, ICD.DIndependent TrusteeSince 2000, Mr. Amos has been President of Everest Canadian Properties Company, a subsidiary of a California based Real estate investment Bank. In addition, since 2002 he has been an independent trustee of Contrans Income fund and a member of its audit committee, compensation committee and the nominating and governance committee. Since 2006 he has also been a trustee of Drive Products income fund where he chairs the compensation nominating and governance committee and is a member of the audit committee. Both companies are listed on the Toronto Stock exchange. He has also served as a Director on a number of privately owned companies, both in Canada and the United States. From 1996 to 2000 Mr. Amos was President of the General partner company for 65 hotel limited partnerships, reporting to the Advisory Board of Limited Partners who had previously invested in Journey´s End hotels. Mr. Amos received an honors degree in Business Administration from the Ivey School of Business at the University of Western Ontario, a Master of Business Administration York University and is one of the first recipients of the ICD.D designation, from the Rotman School of Business and the Institute of Corporate Directors-Corporate Governance College.

Biographies of Trustees (continued)

Martin Bernholtz, BBA, CAIndependent TrusteeMr. Martin Bernholtz, BBA, CA became a Chartered Accountant in 1983 and has held the position of Chief Financial Officer of Kerbel Group Inc. an integrated real estate developer and property owner since 1988. He has served as a Director and Officer of public, private, not for profit and condominium corporations over the last 25 years. Mr Bernholtz previously spent six years with Laventhol & Horwath in the Litigation Support and Business Valuation areas. Mr. Bernholtz graduated with a Bachelor of Business Administration degree from York University in 1981.

John Mills, MBA, ICD.DIndependent TrusteeMr. Mills is the president of the Mills Group Inc. which he founded in 1978 to manage Burger King franchises, real estate and a consulting practice specializing in strategic planning. Mr. Mills holds an MBA from Richard Ivey and is a certified member of the Institute of Corporate Directors (ICD.D). Mr. Mills is a director of a number of private and public corporations including the advisory board for Burger King Corporation (N.A.), Park Lawn Company Limited, Centurion Apartment REIT and is chairman of Lone Star Texas Grill.

Disclaimer Statement

Centurion Apartment REIT95 Mural StreetSuite 306Richmond Hill, ONL4B 3G2Toll Free: 1-888-737-REITwww.centurionapartmentreit.com

IMPORTANT INFORMATION: This communication is for information purposes only and is not, and under no circumstances is to be construed as, an invitation to make an investment in Centurion Apartment REIT. Investing in the REIT Units involves significant risks. There is currently no secondary market through which the REIT Units may be sold and there can be no assurance that any such market will develop. A return on an investment in REIT Units of Centurion Apartment REIT is not comparable to the return on an investment in a fixed-income security. The recovery of an initial investment is at risk, and the anticipated return on such an investment is based on many performance assumptions. Although Centurion Apartment REIT intends to make regular distributions of its available cash to Unitholders, such distributions may be reduced or suspended. The actual amount distributed will depend on numerous factors, including Centurion Apartment REIT’s financial performance, debt covenants and obligations, interest rates, the occupancy rates of Centurion Apartment REIT’s properties, working capital requirements and future capital requirements. In addition, the market value of the REIT Units may decline if Centurion Apartment REIT is unable to meet its cash distribution targets in the future, and that decline may be material. It is important for an investor to consider the particular risk factors that may affect the industry in which it is investing and therefore the stability of the distributions that it receives. There can be no assurance that income tax laws and the treatment of mutual fund trusts will not be changed in a manner which adversely affects Centurion.

PAST PERFORMANCE MAY NOT BE REPEATED. Investing in REIT Units can involve significant risks and the value of an investment may go down as well as up. There is no guarantee of performance. An investment in a REIT is not intended as a complete investment program and should only be made after consultation with independent investment and tax advisors. Only investors who do not require immediate liquidity of their investment should consider a potential purchase of Units. The risks involved in this type of investment may be greater than those normally associated with other types of investments. Please refer to the REIT Offering Memorandum for a further discussion of the risks of investing in a REIT.

The REIT Units are not “deposits” within the meaning of the Canadian Deposit Insurance Corporation Act (Canada) and are not insured under the provisions of that act or any other legislation.

Morningstar Research Inc. is an independent research firm. Except to the extent otherwise specifically required by law, neither Morningstar nor its affiliates nor their third party content providers shall be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

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Centurion Apartment REIT Investor Presentation

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