SPIRE VALUE ADD LIMITED PARTNERSHIP

DECEMBER 31, 2015

NICOLA CROSBY REAL ESTATE WWW.NICOLACROSBY.COM

SPIRE VALUE ADD LP OverviewSPIRE VALUE ADD LP (SPIRE VA) is a real estate limited partnership (LP) that focuses on gen-

erating returns through investments in multiple projects using “value-add strategies.” The objective of

this LP is to acquire existing commercial and/or multi-family residential assets and/or development

sites in conjunction with value add partners who can add significant value by implementing a major

refurbishment/repositioning of the asset and/or re-development of a new product for resale. Prop-

erties acquired by SPIRE VA will not offer significant cash flow similar to those in SPIRE Real Estate

LP and SPIRE US LP, but are instead acquired for their value creation potential. As a result, returns

are realized once projects are completed and disposed of.

SPIRE VA offers the clients of Nicola Wealth Management (NWM) an opportunity to invest in direct

real estate with an experienced management team. Since the inception of SPIRE VA, the management

of Nicola Crosby continue to invest their own capital alongside the clients of NWM.

Contact InformationWayman Crosby, Managing PartnerNicola Crosby Real Estate Asset Management Ltd.SPIRE Value Add General Partner Ltd.420-1508 West BroadwayVancouver, BC V6J 1W8T: + 1-778-383-6941E: wcrosby@nicolacrosby.com

Key StatisticsStructure Limited Partnership

Inception Date November 2014

NAV Per Unit* $113.28

Number of Units 286,992

Number of Assets 15

Investment Activity: Inception - December 2015DATE OF

ACQUISITIONGROSS PURCHASE

PRICEOWNERSHIP PERCENTAGE

149-159 West 7th Avenue, Vancouver, BC November 2014 $7.33M 80%

22-36 East 5th Avenue, Vancouver, BC December 2014 $7.60M 86%

4305-4349 Dawson Street, Burnaby, BC January 2015 $6.7M 25%

8811 Laurel Street, Vancouver, BC April 2015 $10.75M 87%

Grosvenor Mezzanine Financing Program November 2015 $15.0M 9%

Investment Criteria• Partner with reputable developers and/or strategic

partners through joint venture ( JV) relationships.

• Initial emphasis on procuring assets in British

Columbia with an aim into expanding into other

major markets in Canada and the U.S. as the LP

grows.

• Return to investors, net of fees, targeted at 12% -

15% annually.

• Anticipated hold period through to disposition is

projected to be between 24 and 48 months for each

individual asset.

Projects by Total Equity

22-36 East 5th Creative Office

8811 Laurel Strata Industrial

149-159 W. 7th Office/Industrial

Grosvenor 10 Residential Projects in:• Metro Vancouver• San Francisco• Los Angeles• Washington, DC

4305-4349 Dawson Residential

46%

15%23%

9%18%

Investment Summary: Inception - December 2015

NICOLA CROSBY REAL ESTATE WWW.NICOLACROSBY.COM

Disclaimer• Nicola Crosby is a subsidiary of Nicola Wealth Management• Past performance is not indicative of future results.• Returns are net of LP expenses.• This investment is only available for sale to residents of Canada

who are accredited investors. Please read the Limited Partnership Agreement and subscription documents for additional details and important disclosure information.

IntraUrban Business Park - 8811 Laurel Street, Vancouver, BC (Partner: PC Urban)• Project Description: Located at the corner of Kent and Laurel Streets in South Vancouver, this 4.6 acre site

was acquired in April 2015 and will be redeveloped with 167,000 sf of small bay industrial space that will be offered for sale in three phases. The units will be targeted to small and medium size business owners as well as investors looking to diversify holdings from traditional residential or commercial real estate ownership.

• Update: The building permit application is in progress and the pre-sales marketing will be launched in Q1 2016 by CBRE. The project has been branded “IntraUrban Business Park” and the first phase is expected to be completed in Q3 2017.

True North Partnership/Grosvenor Mezzanine Financing Program (Partner: Grosvenor Americas)• Project Description: The program was launched in Q3 2015 and provides capital to market leading residential

developers in partnership with Grosvenor Americas and Kingswood Capital, structured as participating mezzanine debt.

• Update: The program comprises the following ten projects: o Belpark by Intracorp (Vancouver, BC) o 820 Mission St by Intracorp (Los Angeles, CA) o Elysium Logan by Madison Investments (Washington, DC) o 815 Tennessee by DM Development (San Francisco, CA) o 2290 Third St by DM Development (San Francisco, CA) o Gilmore & Halifax by Millennium Development (Burnaby, BC) o Parcel O-1 at the Yards by PN Hoffman (Washington, DC) o Country Club Village by SunCal (Los Angeles, CA) o Hollywood Bungalows by SunCal (Los Angeles, CA) o Pitt River Development by Boffo Properties (Port Coquitlam, BC)

Madison & Dawson - 4305-4349 Dawson Street, Burnaby, BC (Partner: Porte Development)• Project Description: The property was acquired in January 2015 and is located at the northeast corner of

Madison Avenue and Dawson Street in the Brentwood town centre neighbourhood in Burnaby. The site will be redeveloped with a 6-storey strata project, comprised of 92 residential units and ground floor commercial space.

• Update: Final adoption of the re-zoning is expected by Q1 2016 and pre-sales are expected to begin shortly thereafter. With construction slated to start by Q2 2016, completion is projected for Q4 2017.

The LightWorks Building - 22-36 East 5th Avenue, Vancouver, BC (Partner: PC Urban)• Project Description: The property is comprised of a 18,117 sf site at the corner of East 5th Avenue &

Ontario Street in Mount Pleasant, with an adjacent building at 36 East 5th Avenue, and was acquired in December 2014. Our strategy is to develop a 6-storey boutique office building with retail at grade, totalling approximately 54,000 sf.

• Update: The approval process is well underway with the City of Vancouver and the development permit is expected to be secured in early 2016. The marketing and pre-leasing campaign was launched by Cushman & Wakefield in December 2015 and the project has been branded “the LightWorks Building”. Building completion is slated for Q4 2017.

149-159 West 7th Avenue, Vancouver, BC (Partner: PC Urban)• Project Description: The property is comprised of a 33,650 sf office/industrial building located in Mount

Pleasant and was acquired in Nov. 2014. Existing rents were well below market. Our value-add strategy involved an exterior renovation, repositioning of the 2nd floor to office space, and increasing rents to market.

• Update: Exterior renovations have now been completed and the 2nd floor office space (along with half of the main level) has been leased to Kit & Ace with a lease commencement anticipated for Q2 2016. The sale process will commence in Q1 2016 with a sale projected by the end of Q2 2016..

• This does not constitute an offer of sale.• Please speak with a Nicola Wealth Management advisor to

discuss if this investment is right for you.• *NAV per unit is effective January 31, 2016• NAV per unit is based on projected returns on the assets

currently held.• This LP has a minimum hold period for investors of 3 years.