• The investment objective of the Euler Gauss Cantor® Private REIT is to generate a moderate to high level of income and tax efficient capital appreciation over the long-term for investors.
• As per National Association of Real Estate Investment Trusts® (NAREIT), Dividend growth rates for REIT shares have outpaced inflation over the last decade.
• As per NAREIT’s data released in December 2010, REITs Outperformed Leading U.S. Benchmarks 30-Year Compound Annual Total Returns.
• Competitive long-term rates of return that complement the returns from other stocks and bonds.
• REITs are required to distribute at least 90 percent of their taxable income to shareholders annually in the form of dividends. Significantly higher on average than other equities, the industry's dividend yields historically have produced a steady stream of income through a variety of market conditions.
• Value in the form of both dividend income and share value appreciation
• Euler Gauss Cantor is actively and professionally managed, adhering to all the governance principles that apply to REIT’s in Canada.
• The inclusion of REIT shares in any investment portfolio is a prudent investment decision: Variability of market returns over time and across all economic sectors makes it clear that diversification is the key to long-term investment success.
• No public market currently exists for our shares of common stock, and we have no current plans to list our shares on an exchange.

Cautionary Statement

General

The presentation does not constitute an offer to sell or solicitation of an offer to buy any securities of the REIT. This presentation and our answers to questions do not purport to be comprehensive or to contain all the information that a recipient may need in order to evaluate an investment in securities of Minto Apartment Real Estate Investment Trust (the “REIT”, “us”, “we” or “our”). No representation or warranty, express or implied, is given and, so far as is permitted by law no responsibility or liability is accepted by any person, with respect to the accuracy or completeness of this presentation or its contents or our answers to questions. All dollar amounts in this presentation are stated in Canadian dollars and references to dollars or “$” are to Canadian currency, unless otherwise indicated. Graphs and tables demonstrating the historical performance of the REIT’s properties contained in this presentation are intended only to illustrate past performance and are not necessarily indicative of future performance. Market and Industry Data This presentation includes market and industry data and forecasts that were obtained from third‐party sources, industry publications and publicly available information as well as industry data prepared by management on the basis of its knowledge of the multi‐residential rental sector in which the REIT operates (including management’s estimates and assumptions relating to the sector based on that knowledge). Management’s knowledge of the Canadian multi‐residential rental sector has been developed through its experience and participation in the sector. Management believes that its industry data is accurate and that its estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness of this data. Third‐party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of included information. Although management believes it to be reliable, the REIT has not independently verified any of the data from third‐party sources referred to in this presentation, or analyzed or verified the underlying studies or surveys relied upon or referred to by such sources, or ascertained the underlying economic assumptions relied upon by such sources. Forward‐Looking Information This presentation contains “forward‐looking information” as defined under Canadian securities laws (collectively, “forward‐looking statements”) which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance and business prospects and opportunities of the REIT. The words “plans”, “expects”, “does not expect”, “goals”, “seek”, “strategy”, “future”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projected”, “believes” or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “should”, “might”, “likely”, “occur”, “be achieved” or “continue” and similar expressions identify forward‐looking statements. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward‐looking statements. Forward‐looking statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Forward‐looking statements are qualified in their entirety by the inherent risks, uncertainties and changes in circumstances surrounding future expectations which are difficult to predict and many of which are beyond the control of the REIT. Forward‐looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management of the REIT as of the date of this presentation, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The REIT’s estimates, beliefs and assumptions, which may prove to be incorrect, include the various assumptions set forth herein, including, but not limited to, the REIT’s future growth potential, results of operations, future prospects and opportunities, demographic and industry trends, no change in legislative or regulatory matters, future levels of indebtedness, the tax laws as currently in effect, the continuing availability of capital and current economic conditions. The REIT cautions readers not to place undue reliance on forward‐looking statements, as they involve significant risks and uncertainties. Forward‐looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward‐looking statements, including but not limited to those risks and uncertainties described in the REIT’s regulatory filings, including the REIT’s Annual Information Form (“AIF”) and its most recent Management’s Discussion and Analysis of the results of operations and financial condition (MD&A”), all of which can be obtained on SEDAR at www.sedar.com.. Although management has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other risk factors not presently known or that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward‐looking statements. Certain statements included in this presentation may be considered a “financial outlook” for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than this presentation. All forward‐looking statements are based only on information currently available to the REIT and are made as of the date of this presentation. Except as expressly required by applicable Canadian securities law, the REIT assumes no obligation to publicly update or revise any forward‐looking statement, whether as a result of new information, future events or otherwise. For further details on forward‐looking statements, see the sections entitled “Forward‐Looking Statements” in the most recent MD&A. All forward‐looking statements in this presentation are qualified by these cautionary statements. Non‐IFRS Measures The REIT prepares and releases consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”). As a complement to results provided in accordance with IFRS, the REIT may also disclose and discuss in answers to questions certain non‐IFRS financial measures including funds from operations ("FFO"), adjusted funds from operations ("AFFO"), net operating income ("NOI") and debt‐to‐gross book value (“Debt/GBV”), which are measures commonly used by publicly traded entities in the real estate industry. Management believes that these metrics are useful for measuring different aspects of performance and assessing the underlying operating performance on a consistent basis. However, these measures do not have a standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other publicly traded entities. These measures should strictly be considered supplemental in nature and not a substitute for financial information prepared in accordance with IFRS and should not be construed as an alternative to net income or cash flows provided by or used in operating activities determined in accordance with IFRS. Further definitions and discussion of these non‐IFRS measures and a reconciliation of FFO and AFFO to comparable IFRS measures are provided in the most recent MD&A in the sections entitled “Non‐IFRS Measures” and “Reconciliation of Non‐IFRS Measures”. Comparable Companies Any comparables used in this presentation outline certain public company and real estate investment trusts (the “Comparables”). The Comparables are considered to be an appropriate basis for comparison with the REIT based on their similar size, industry, focus and additional criteria. The information relating to the Comparables has been obtained or derived from public sources. The REIT has relied upon and has not attempted to independently verify the completeness, accuracy and fair presentation of such information. Readers are cautioned that there are risks inherent in making decisions based on the Comparables, that past and estimated performance is not indicative of future performance, and that the performance of the REIT may materially differ from that of the Comparables. Accordingly, decisions should not be made in reliance on the Comparables.