YONGE AND EGLINTON

DEVELOPMENT OFFERING: HIGH-RISE CONDOMINIUM

PRESENTED BY

IN PARTNERSHIP WITH

S T R I C T L Y C O N F I D E N T I A L

NOVEMBER 21, 2024

IMPORTANT DISCLOSURE INFORMATION AND NOTES

The information contained in this presentation is STRICTLY CONFIDENTIAL. This presentation forms part of, and is qualified in its entirety by, and is incorporated by reference into, the Offering Memorandum of Greybrook Yonge and Eglinton Limited Partnership and The Greybrook Yonge and Eglinton Trust in respect of a proposed offering, on a private placement basis, of securities in an aggregate amount of $22,850,000(1) (the “Offering Memorandum”). In Canada, a copy of the Offering Memorandum will be available from Greybrook Securities Inc., which is the lead placement agent for the offering in Canada, other dealers that may be appointed by Greybrook Yonge and Eglinton Limited Partnership or The Greybrook Yonge and Eglinton Trust that are acceptable to Greybrook Securities Inc., and other dealers that may be appointed by Greybrook Securities Inc. In the United States, a copy of the Offering Memorandum will be available from Stonehaven LLC (a FINRA/SIPC member), Greybrook Securities Inc.’s broker dealer for the proposed offering in the United States. Greybrook Yonge and Eglinton Limited Partnership and The Greybrook Yonge and Eglinton Trust will be organized by Greybrook Realty Partners Inc.

This presentation does not constitute an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or the securities laws of any state of the United States and may not be offered or sold within the United States, unless an exemption from such registration is available. Any sale of the securities described herein to persons in the United States is contemplated to be made in reliance on a private placement exemption from registration pursuant to Rule 506(c) of Regulation D under the U.S. Securities Act (“Regulation D”) and applicable state securities laws to verified “accredited investors” within the meaning of Rule 501(a) of Regulation D.

FORWARD-LOOKING INFORMATION

The forward-looking information in this presentation (information that expresses predictions, expectations, beliefs, plans, projections, objectives, assumptions, or future events or performance) is made as of the date of this presentation, November 21, 2024. Forward-looking information involves a number of risks and uncertainties which could cause actual results or events to differ materially from those currently anticipated. The material assumptions applied in reaching the conclusions contained in the within forward-looking information include, among others, (1) an assumption that site assembly acquisition, the land development and construction of the project, and the procurement of financing for the project will proceed as planned, (2) an assumption that the required Official Plan Amendment, Zoning By-law Amendment, Site Plan approval, and construction permits will be obtained within the anticipated timeline, (3) an assumption that the estimated sales absorption rate will be achieved, (4) assumptions relating to anticipated costs and revenues, and (5) an assumption concerning the timing and payment of distributions to investors. We do not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required to do so by applicable law. Past performance is no guarantee of future results.

(1) Amount assumes that all of the units issued in the Offering will be Class A units.

INVESTMENT RISKS, STATUTORY RIGHTS AND CONFLICTS OF INTEREST

An investment in the offered securities involves certain risks. This presentation does not provide disclosure of all information required for an investor to make an informed investment decision. Investors should read the Offering Memorandum, especially the risk factors relating to an investment in the offered securities, before making an investment decision.

Investors in the offered securities are entitled to the benefit of certain statutory rights of action in the event the Offering Memorandum contains a misrepresentation. This presentation forms part of, and is incorporated by reference into, the Offering Memorandum. These rights are described in the Offering Memorandum. The information in the Offering Memorandum supersedes the information in this presentation to the extent inconsistent with the information in this presentation.

Each issuer of the offered securities is a “related” issuer (as such term is defined in National Instrument 33-105—Underwriting Conflicts) of Greybrook Securities Inc., because, among other reasons, they share common owners and executive managers. Investors who are considering purchasing the offered securities should read the Offering Memorandum before making an investment decision, especially the section titled “Conflicts of Interest”.

CURRENCY

In this presentation, unless otherwise expressly stated, all dollar amounts are expressed in Canadian currency.

MARKET DATA

This presentation contains statistical data, market research and industry forecasts that were obtained from third-party sources. These sources generally indicate that they have obtained their information from sources believed to be reliable, but do not guarantee the accuracy and completeness of their information. While management believes this data to be reliable, this is subject to variations and cannot be verified due to limits on the availability and reliability of data inputs and other limitations inherent in any statistical survey. Accordingly, the accuracy, currency and completeness of this information cannot be guaranteed. None of Greybrook Yonge and Eglinton Limited Partnership, The Greybrook Yonge and Eglinton Trust or the lead placement agent has independently verified any of the data from third-party sources referred to in this presentation or ascertained the underlying assumptions relied upon by such sources.

PROJECT DESCRIPTION – EQUITY INVESTMENT

TOTAL OFFERING:⁽¹⁾	$22,850,000
INVESTMENT VEHICLE:	Limited Partnership Mutual Fund Trust
MINIMUM INVESTMENT AMOUNT:	$25,000
REGISTERED PLAN ELIGIBLE:	Trust units are eligible to be held in RRSP, TFSA, LIRA, and RRIF accounts
LP UNIT & TRUST UNIT SALE PRICE:	$100
EXPECTED PROJECT TERM:	6.75 years
LOCATION:⁽²⁾	29, 31, 41, 43, and 45 Berwick Avenue, Toronto, ON
LAND AREA:	19,347 SQ. FT. (0.44) acres
TOTAL PROPOSED DEVELOPMENT YIELD:⁽³⁾
GROSS FLOOR AREA (GFA):	345,173 SQ. FT.
TOTAL SALEABLE AREA:	308,316 SQ. FT.
NUMBER OF UNITS:	537
AVERAGE UNIT SIZE:	574 SQ. FT.
NUMBER OF STOREYS:	46

(1) The total offering amount assumes that all units issued in the Offering will be Class A units.
(2) For maps showing the approximate location of the project site, see pages 5-8.
(3) The total development yield is based on the preliminary plan, which is dependent on government approvals and may change throughout the planning approval and detailed design process.

CONCEPTUAL RENDERING OF ANOTHER GREYBROOK AND STAFFORD PROJECT

SITE LOCATION MAP

ABOUT GREYBROOK REALTY PARTNERS

Greybrook Realty Partners is a leading real estate private equity firm that applies an active and sophisticated approach to the management of its portfolio to achieve maximum risk-adjusted returns for our more than 10,000 individual and institutional investors worldwide.

Headquartered in Toronto, Greybrook employs over 130 dedicated professionals across private capital markets, asset management, corporate services, and its subsidiaries.

Across our diverse real estate portfolio, Greybrook is directly responsible for managing or co-managing development projects and assets with best-in-class developer partners in our chosen markets.

We exclusively invest equity in large-scale residential developments and in apartment assets with value-add opportunities in major North American cities and surrounding areas. Greybrook has invested over $2.4 billion of equity in over 110 projects.

$2.4B+

Invested

110+

Projects

75MM+

Square feet of projected density

50,000+

Total units expected

GREYBROOK PROJECTS IN THE GREATER TORONTO AREA (GTA) & SOUTHERN ONTARIO

Note: Black pins reflect approximate locations of Greybrook’s low-rise and land developments. Blue pins reflect approximate locations of Greybrook’s high-rise developments.

SELECT GREYBROOK CONDOMINIUM DEVELOPMENTS IN TORONTO(1)

COLLEGE AT SPADINA

Location: Toronto Central – College St. & Spadina Ave.

Total Units: 226 units

Current Status: Complete

Developer: Tribute Communities

GARRISON POINT & PLAYGROUND CONDOS

Location: Toronto West –
Ordnance St. & Strachan Ave.

Total Units: 744 units

Current Status: Complete

Developers: Cityzen & DiamondCorp

beer-stores-avenue-and-park-greybrook-hero-image

AVENUE & PARK

Location: Toronto North –
Avenue Rd. & Lawrence Ave.

Total Units: 35 units

Current Status: Construction complete, and all sold units occupied. 89% sold.

Developer: Stafford Homes

STOCKYARDS DISTRICT RESIDENCES

Location: Toronto West –
Keele St. & St. Clair Ave.

Total Units: 242 units

Current Status: Complete

Developer: Marlin Spring

89-church-church-and-lombard-greybrook-hero-image

CHURCH & LOMBARD

Location: Toronto Central –
Church St. & Lombard St.

Total Units: 468 units

Current Status: Approved and sold.

Developer: Greybrook & Cityzen Development Group

THE GREYBROOK DIFFERENCE

Greybrook is an active asset manager that performs a critical role from acquisition through execution and completion of projects working to achieve the best possible results for our investors.

ACQUISITION

We seek to conservatively and rigorously underwrite each investment opportunity for development or asset repositioning
Thoroughly understand and minimize investment and execution risk, and implement an investment structure and contractual agreements with developer partners to minimize investors’ downside risk
Leverage market position and knowledge to access top-tier opportunities and successfully negotiate acquisitions to best position our projects for success
Maintain strong acquisition standards (e.g., employ prudent leverage, limit our exposure to planning risk)

ACQUISITION

We seek to conservatively and rigorously underwrite each investment opportunity for development or asset repositioning
Thoroughly understand and minimize investment and execution risk, and implement an investment structure and contractual agreements with developer partners to minimize investors’ downside risk
Leverage market position and knowledge to access top-tier opportunities and successfully negotiate acquisitions to best position our projects for success
Maintain strong acquisition standards (e.g., employ prudent leverage, limit our exposure to planning risk)

ACQUISITION

We seek to conservatively and rigorously underwrite each investment opportunity for development or asset repositioning
Thoroughly understand and minimize investment and execution risk, and implement an investment structure and contractual agreements with developer partners to minimize investors’ downside risk
Leverage market position and knowledge to access top-tier opportunities and successfully negotiate acquisitions to best position our projects for success
Maintain strong acquisition standards (e.g., employ prudent leverage, limit our exposure to planning risk)

GTA/GREATER GOLDEN HORSESHOE REGION INVESTMENT THESIS

The Greater Toronto Area (‘GTA’) within the broader Greater Golden Horseshoe Region (‘GGH’) has one of the world’s most vibrant and diverse economies and is home to top universities, making it a magnet for new entrants. The GGH is Ontario and Canada’s economic engine, generating 2/3 of the province’s gross domestic product (‘GDP’) and 25% of Canada’s GDP.(1)

Attracted to diverse industries and a growing economy, new Canadians are expected to continue driving strong demand for additional housing in the GTA and GGH. However, geographic and legislative constraints limit the available supply of land on which to build homes, causing a severe supply-demand imbalance for homes within the GTA and parts of the GGH.

Over the long term and notwithstanding periods of disruption and volatility caused by government policies, or prevailing economic conditions, the fundamentals of our investment thesis remain undisrupted, given that the supply of homes will remain well below the anticipated demand.

Strong population growth – Canada has steadily increased annual immigration over the past decade, with a record ~1.27MM people (~472,000 permanent residents and ~805,000 non-permanent residents) welcomed to Canada in 2023,(2) and a projected 485,000 permanent residents expected in 2024.(3) Canada’s scaled-back targets for 2025 to 2027 will bring an additional ~1.14MM permanent residents to the country between 2025 and 2027.(3)

The GTA will see the largest increase in population in Ontario between 2022 and 2046, adding 3.3MM residents by 2046; a growth of 45.9% from 7.2MM in 2022 to over 10.5MM by 2046.(4)
Canada’s need for rapid population growth is driven by a shortage of skilled labour and trades, the country’s high proportion of baby boomers retiring in the coming years, and the country’s low organic birth rate.

Diversified workforce and economy – The region’s diversified and highly technical workforce allows for better market insulation if a particular sector of the economy experiences a slowdown.

In Toronto, the top sectors include finance, healthcare, professional services, scientific and technical services and retail trade.(5) The region is the second-largest financial centre in North America, behind only New York, and is ranked seventh globally in employment.(6)
Toronto ranked #4 in the CBRE 2024 North America Scoring Tech Talent Report and #1 for high-tech job creation among leading technology markets in the U.S. and Canada.(7)

Restrictive land use policies – A lack of available developable land in the GTA and parts of the broader GGH, coupled with an onerous and time-consuming planning process, continue to be critical factors in limiting the availability of new construction inventory.

(1) Canadian Centre for Economic Analysis – Increased Importance of Planning and Co-ordinated Transit Infrastructure, Feb 2023.

(2) Statistics Canada – Canada’s population estimates: Strong population growth in 2023, Jan. 2024.

(3) Government of Canada – Supplementary Information for the 2025-2027 Immigration Levels Plan, Oct. 2024.

(4) Government of Ontario – Population Projections 2022-2046.

(5) Toronto Employment Survey 2023, City of Toronto Planning, Jan. 2024.

(6) Toronto Global – Financial Companies and Services – Toronto: Canada’s Financial Capital, 2023.

(7) CBRE 2024 Scoring Tech Talent Report

RESTRICTIVE LAND USE POLICY

Ontario’s Greenbelt(1)

Developable land supply in the Greater Toronto & Hamilton Area (‘GTHA’) is limited due to geographic and legislative constraints.
The GTHA is encircled by a protected greenbelt creating a boundary to the north, east, and west of the region, while Lake Ontario prevents southward expansion.
In 2005, the Greenbelt Plan was created to protect the ~2 million acres of valuable farmland, forests, wetlands, and natural heritage systems that surround the GTHA.
Together with the Oak Ridges Moraine Conservation Plan and the Niagara Escarpment Plan, the Greenbelt Plan limits urban expansion and the availability of developable land within the GTHA.
In addition to these plans, the provincial and municipal planning approvals and infrastructure delivery processes have consistently limited the industry’s ability to meaningfully increase the supply of homes.
Despite numerous attempts by various levels of government to streamline the planning approvals and infrastructure delivery processes and increase the pace of home construction, including the recently released Provincial Planning Statement, 2024,(2) there has been little improvement in practice. It is Management’s belief that the supply of housing in the GTHA will continue to fall short of demand.

SNAPSHOT OF THE GTA NEW HIGH-RISE MARKET

Over the past few years, the new condo market has experienced volatility in response to decreasing interest rates during the pandemic and rapidly increasing interest rates post-pandemic. As a result, sales surged in 2021 and the first half of 2022 and were much more subdued in 2023 and dropped significantly in 2024.
This drop in pre-sales activity over the past two years means that the number of completions between 2028 and 2030 is expected to drop significantly, creating supply constraints in future years.(1)
As the Bank of Canada continues its expected monetary easing program in late 2024 and into 2025, building on the four consecutive interest rate cuts that began in June 2024, sales activity in the pre-construction condo market is expected to gain momentum. Management anticipates that with improving affordability in 2025, the market will navigate through the current increased inventory and support new condo launches sidelined over the past two years.(2)
In Q3 2024 the average asking price for new condos in the City of Toronto was $1,507 per square foot (‘PSF’), a 3% decrease from a year prior.(3)
In and around the Yonge and Eglinton area, only four new high-rise condominium developments have been introduced since 2021, selling at an average price of ~$1,608 PSF with prices reaching north of $1,700 PSF.(4) This project, which is projected to launch sales in 2027, has been underwritten based on an average per square foot price of $1,295, well below these comparable sales in the area. Management will strive to maximize revenue during the project’s sales phase.(2)
Over the long-term, as the condo market continues to progress towards a more normalized supply-demand dynamic, Management expects pricing to grow at an appropriate and moderate pace and sales velocity to stabilize.(2)

(1)Altus – GTA High Rise Projects New Homes Monthly Report – September 2024

(2)This represents forward-looking information. Refer to page 2.

(3)Q3 2024 – Urbanation Condominium Market Survey.

(4)Urbanation data.

WHITE SHADED AREA WITH BLUE BORDER OUTLINES THE APPROXIMATE BOUNDARIES OF THE PROJECT SITE

PROJECT HIGHLIGHTS(1)

Opportunity to invest in the acquisition and development of a condominium development site comprised of an assembly of five homes located just steps away from Yonge and Eglinton, on Berwick Avenue, just a short walk from the Toronto Transit Commission (‘TTC’) Eglinton Station.(2)
The property is being acquired for approximately $59 per square foot. The properties will be purchased debt-free, and an operating line of credit will be obtained to fund all pre-construction soft costs. Our low land acquisition price provides the potential flexibility to sell the land upon obtaining the necessary approvals, yielding a land development profit.
The Development Team’s proposal contemplates the construction of a 46-storey tower with over 500 units, targeting an average unit size of 574 SQ. FT. with limited resident parking, in line with city-wide parking standards.(3)
The product mix is expected to sell for an average price per unit of ~$744,000, which is ~27% below the current benchmark (average asking) price for new condominiums in the Greater Toronto Area.(4)
The site is exceptionally well connected and considered a rider’s paradise with a transit score of 100, located only a short walk from the TTC’s Eglinton Station, with access to Union Station in ~15 minutes.(2)(5)
The property will be within short walking distance to the future Metrolinx Eglinton Crosstown LRT line, a 19km corridor with 25 stops stretching across Eglinton Avenue from Mount Dennis (Weston Road) to Kennedy Station, with connections to 54 bus routes, three TTC subway stations, GO lines, and the UP Express to the airport. The LRT is expected to open in 2025 or shortly thereafter.(6)
With a perfect walk score of 100, the property is a walker’s paradise. Steps away from an array of shops, restaurants, services, and cafés on Yonge Street, the Yonge-Eglinton Centre, Farm Boy grocery store located across the street from the project site, Eglinton and Oriole parks, and numerous other amenities to meet residents’ daily needs.(2)(5)
This development will be Greybrook’s 9th development project with long-standing partner, Stafford Homes.

(1)This represents forward-looking information. Refer to page 2.

(2)google.com/maps.

(3)Project yield may change during the planning approval and site design process and is not final until approved.

(1)Altus – September 2024 – GTA High Rise Report.

(2)walkscore.com.

(3)metrolinx.com/en/projects-and-programs/eglinton-crosstown-lrt.

YONGE-EGLINTON CENTRE AT THE NORTHWEST CORNER OF THE INTERSECTION

FUTURE PROPOSED CANADA SQUARE REDEVELOPMENT FROM LATEST SUBMISSION TO CITY OF TORONTO

YONGE & EGLINTON – MIDTOWN’S BUSINESS AND ENTERTAINMENT HUB(1)

Midtown’s Yonge-Eglinton Centre node is one of the City of Toronto’s fastest-growing and rapidly expanding urban growth centres. This strategic location serves as a major residential area, employment hub, and an important destination for institutions, retail, and entertainment that is highly accessible to a large portion of Toronto’s population.(2)
Situated at the crossroads of the Yonge subway line and the new Eglinton Crosstown LRT line, which both bisect the city, this central neighbourhood offers residents, employees and visitors to the area convenient transit access to points north, east, south and west.(2)
Anchored by the Yonge-Eglinton Centre, a vibrant mix of residential, office, retail, and entertainment spaces with numerous shops, restaurants, and a cinema, this dynamic urban centre is a bustling part of the city. It is poised to become an even more essential hub for residents, employees, and visitors.(2)
With the significant transformation of the area through residential, office, retail, and mixed-use developments, the immediate Yonge-Eglinton area population is projected to increase to 94,000 residents in 2031 and reach 127,000 by 2051.(2)
Future planned developments are also expected to bring new parks and green spaces, including the future proposed Canada Square project, which is anticipated to include a new public square, just north of the project site.(3)

(1)This represents forward-looking information. Refer to page 2.

(2)Gta-homes.com – Yonge-Eglinton Centre Growth Plan.

(3)Storeys.com – Transformative Five-Tower Yonge and Eglinton Development Adds Even More Units.

AREA AMENITIES

The project site is primely located in the heart of Midtown Toronto and is a short walk from transit and an abundance of amenities, including restaurants, cafes, shops, parks, and theatres.
The site is an ~5-minute walk to the Yonge-Eglinton Centre, a shopping and business complex featuring a Cineplex Theatre and over 210 retail units spanning more than 1 million square feet. It also offers an underground tunnel connection to Eglinton Station.(1)
Located within an ~10-minute walk from the site is Eglinton Park, a 9-hectare park featuring five multipurpose sports fields, four tennis courts, two baseball diamonds, a children’s playground and a wading pool, with two ice rinks available in the winter months.(2)
Abutting Eglinton Park is The North Toronto Memorial Community Centre, a multi-use complex with a gymnasium, multipurpose rooms, and indoor and outdoor pools.(3)
Steps away from the site is an over 27,000 square feet Farm Boy grocery store.(4)
North Toronto Collegiate Institute, one of the top ten secondary schools in Ontario, is within walking distance to the site. (5)

(1)RioCan – Property Capsule -Yonge Eglinton Centre.

(2)Toronto.ca – Eglinton Park.

(3)Toronto.ca – North Toronto Memorial Community Centre.

(4)Farmboy.ca

(5)Fraser Institute – School Rankings Ontario.

STAFFORD

Stafford is a fully diversified private property development and investment company with over 70 years of experience in development, construction, and asset management, creating award-winning projects throughout North America, with a focus on the Greater Toronto Area. CEO Gary Goldman and President Jonathan Goldman now lead the company’s multi-disciplinary Management team. The company’s portfolio includes the development of over 20,000 homes in Canada and the United States, representing more than $10 billion in development value. Stafford has established itself as one of Toronto’s most successful real estate developers, having built a reputation for building innovative multi-use neighbourhoods, high-quality construction based on beautiful designs, and efficient living spaces.(2)
The Stafford team approaches every project with a steadfast commitment to building homes that raise expectations through high-quality design, accompanied by meticulous attention to detail in the development and construction processes.
The company’s active pipeline includes more than 5,000 units, spanning a mix of high-rise, low-rise, master-planned, and mixed-use communities totaling more than $3.5 billion in development value.(2)
Stafford’s residential developments in Toronto include The Georgian in South Cabbagetown, Picasso on Richmond in Downtown, and One Forest Hill and Forest Hill Lofts in Midtown, among many others.
Together, Greybrook and Stafford have partnered on a number of projects, including 181 East, a midrise condominium on Sheppard Avenue East, Avenue & Park, a boutique residential building at Avenue Road and Lawrence Avenue, Downsview Park Towns, a condominium townhome development in Downsview comprised of over 200 units, and Church & Adelaide, a planned high-rise development in Downton Toronto.

(1)Image is rendering and artist’s concept only, illustration is subject to change.

(2)Source: Stafford Management.

TYPICAL DEVELOPMENT PROCESS & OUR TIMELINE FORECAST(1)

Total Forecasted Timeline of 6.75 years

Stage 1: Planning & Approvals

Can range from 15 – 30 months

Our forecast for this project is 24 months(2)

Stage 2: Pre-sale

Can range from 3 months – 18 months

Our forecast for this project is 12 months

Stage 3: Construction,
Occupancy, & Distributions

Can range from 30 months – 60 months

Our forecast for this project is 46 months

Note: Stages of development and the ranges described above overlap.

(1)The projected timeline shown constitutes forward-looking information. Refer to page 2.

(2)Planning work will commence In Q1 2025. This lead time is not being factored into the project duration.

THE “ART” AND “SCIENCE” OF DEVELOPMENT

Our timeline forecast of 6.75 years represents our most realistic estimate of what will be required to achieve our planned development milestones.(1) Our estimates are based on both the specific parameters of our project and on our considerable development experience across more than 110 projects.
Typically, a high-rise development project of a similar size/scale to the project and in the same stages of the approvals/planning process can take anywhere from 5.5 years to upwards of 8.5 years based on several variables.
Development is a highly fluid process, with aspects like the planning process and changing market dynamics being more of an “art” than a “science” at times. Once the project reaches the construction stage, it becomes more of a “science” than an “art”. In order to be successful over the course of many years within development, we must remain highly adaptive, collaborative, and willing to regularly draw on our industry relationships and learned experience to make crucial, real-time decisions to balance our risk management and return objectives.
Some decisions may, at times, affect our timelines and forecasts, however, with each critical decision, our Management team fully considers the implications to our investors and carefully evaluates the tradeoffs that exist between risk, timeline, and total return.
Greybrook’s ability to drive desired results for our investors directly results from the quality of our industry-leading Management team.

(1)This represents forward-looking information. Refer to page 2.

COMPARABLE CONDOMINIUM PROJECTS IN MIDTOWN TORONTO(1)(2)(3)

MAP	PROJECT NAME	LOCATION	DEVELOPER(S)	OPENING DATE	AVERAGE UNIT SIZE (SQ.FT.)	AVERAGE $PSF(4)	# OF UNITS	% SOLD
A	AKRA Condos	109 Erskine Ave	Curated Properties	Sept 2022	634	$1,542	178	78%
B	Leaside Common	1710-1736 Bayview Ave	Gairloch Developments & Harlo Capital	Jan 2022	773	$1,585	195	90%
C	The Capitol	2500 Yonge St	Madison Group & Westdale Properties	Sept 2021	1,133	$1,728	155	79%
D	The Davisville	8 Manor Rd W	Rockport Group	Jun 2021	885	$1,468	73	85%
Average					838(5)	$1,608(6)	150(7)	83%(5)
Yonge and Eglinton(8)		29-45 Berwick Avenue	Greybrook & Stafford	Q1 2027	574	$1,295(9)	537

(1) Lettered pins represent approximate locations of comparable projects.

(2) Blue pin represents approximate location of the project site.

(3) Source: Urbanation.

(4) All projects show average sold price PSF.

(5) Represents an average weighted by the number of units across all comparable projects.

(6) Represents an average weighted by the number of units multiplied by the average unit size across all comparable projects.

(7) Represents a simple average across all comparable projects.

(8) This represents forward-looking information. Refer to page 2.

(9) The average sale price PSF reflects an assumed average unit size of 574 SQ. FT. Based on current market conditions, Management believes that $1,295 PSF is the most probable average sale price.

FINANCIAL PROJECTIONS(1)(2)

Average Price Per Square Foot (PSF)(3)	$1,235	$1,265	$1,295	$1,325	$1,355
Return of Initial Capital	$22,850,000	$22,850,000	$22,850,000	$22,850,000	$22,850,000
Investor Profit(4)	$23,597,000	$27,223,000	$30,848,000	$34,467,000	$38,092,000
Investor Total Return(4)	$46,447,000	$50,073,000	$53,698,000	$57,317,000	$60,942,000
Investor Average Annual Return(4)(5)	15.3%	17.7%	20.0%	22.3%	24.7%
Investor Weighted Average Annual Return(4)(6)	15.3%	17.7%	20.0%	22.3%	24.7%
ROI(4)	103%	119%	135%	151%	167%
Total Return(4)	203%	219%	235%	251%	267%

Investors should refer to Schedule “A” in the Offering Memorandum for a detailed presentation of investor returns projected under several scenarios. Financial projections were calculated based on the value of the Canadian dollar as of the date of this presentation and do not take into the account the time value of money or potential future inflation.

These financial projections constitute forward-looking information. Please see pages 2 and 3 of this presentation and the Offering Memorandum (especially the section titled “Risk Factors”) for important information regarding the risks that could impact these financial projections and their attainability.

The average price PSF reflects an assumed average unit size of 574 SQ. FT. Management believes that, based on current market conditions, $1,295 PSF is the most probable average sale price.

Based on an estimated completion of 6.75 years, expressed net of all fees.

Investor Average Annual Return to Limited Partners, expressed as a percentage, is calculated by dividing the amount of the projected net profit to the investors by the amount of the gross proceeds raised in the Offering and then dividing that number by 6.75 (being the projected term for the completion of the project expressed in years).

Investor Weighted Average Annual Return to Limited Partners, expressed as a percentage, is calculated by dividing the amount of the projected net profit to the investors by the amount of the gross proceeds raised in the Offering and then dividing that number by 6.75 (being the weighted average duration of the investment, which is calculated based on the projected timing of each distribution and the percentage of each distribution in relation to total distributions projected to be made throughout the term of the Project).

DEAL STRUCTURE SUMMARY

PROJECT STRUCTURE & JOINT VENTURE & LIMITED PARTNERSHIP AUDITORS

(1) 45% to Greybrook Yonge and Eglinton Limited Partnership, 45% to Developer Joint Venturer, and 10% to Greybrook Realty Partners Inc.

PROJECT DESCRIPTION – EQUITY INVESTMENT​

SITE LOCATION MAP

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PROJECT DESCRIPTION – EQUITY INVESTMENT