The Nicola Wealth Real Estate team was exceptionally active through 2021. With a record number of acquisitions, entry into several new markets, and the addition of new development projects, Managing Director of Real Estate, Mark Hannah had plenty to share in this year-in-review discussion.

1. Nicola Wealth Real Estate
2021 YearEnd Update

2. Summaryof2021Returns
10239 Grace Road, Surrey, BC
*See Disclaimer at the end of the presentation
Past performance is not indicative of future results. All investments contain risk and may gain or lose value.
Returns are net of fund expenses charged to date. This is not a sales solicitation. This investment is intended for tax residents of Canada who are accredited
investors. Residency restrictions apply. Please read the relevant documentation for additional details and important disclosure information, including terms of
redemption and limited liquidity. Please speak to your Nicola Wealth advisor for advice based on your unique circumstances. Nicola Wealth is registered as a
Portfolio Manager, Exempt Market Dealer and Investment Fund Manager with the required provincial securities commissions. Returns are calculated on a monthly
basis and may differ from client returns which are updated with a 1 month lag. Effective January 1, 2019 all funds branded NWM were changed to the fund family
name Nicola. Effective January 1, 2019 Nicola Canadian Real Estate LP, Nicola U.S. Real Estate LP, and Nicola Value Add Real Estate LP adopted new mandates and
changed names from SPIRE Real Estate LP, SPIRE US LP, SPIRE Value Add LP. Distributions are not guaranteed and may vary in amount and frequency over time.
Nicola U.S. Real Estate LP was set up in July 2007 but opened to investors in June 2010 and all returns are calculated from June 2010. For a complete listing of
Nicola Wealth Real Estate portfolios, please visit realestate.nicolawealth.com.
This summary contains forward-looking information and actual results may vary materially in respect of the investment described in this summary. This summary
is not an offering document or an offering of securities in any jurisdiction.
2021 Returns Since Inception 2022 Projected
Nicola Canadian Real Estate LP 18.4% 9.6% 10.0% - 11.0%
Nicola U.S. Real Estate LP 11.5% 10.9% 10.0% - 11.0%
Nicola Value Add Real Estate LP 12.9% 13.9% 13.0% - 15.0%

3. Select Acquisitions – Nicola Canadian Real Estate LP
3
901 Hopkins Street
Whitby, ON
Industrial Development Site
208-226 Wyecroft Road
Oakville, ON
Industrial
11 Plymouth Street
Winnipeg, MB
Industrial
Elite Self Storage
Langford (Victoria), BC
Self Storage
2111 Main Street
Vancouver, BC
Multi-Family Rental Development Site
120 West 3rd Avenue
Vancouver, BC
Creative Office

4. Select Acquisitions – Nicola U.S. Real Estate LP
4
Northgate Executive Center
Seattle, WA
Office & Covered Land Play
Ampac I & II Industrial Park
Las Vegas, NV
Industrial
Minneapolis Industrial Portfolio
Minneapolis, MN
Industrial
3120 Spur 482
Dallas-Fort Worth, TX
Industrial & Covered Land Play
Chatfield Distribution Center
Denver, CO
Industrial
6111 – 6215 West Van Buren Street
Phoenix, AZ
Industrial

5. Select Acquisitions – Nicola Value Add Real Estate LP
5
Eastfield Business Park
Calgary, AB
Industrial
Partner: Anthem
9640 McCarthy Road
Kelowna, BC
Strata Industrial
Partner: PC Urban
8700 Barnard Street
Vancouver, BC
Strata Industrial
Partner: PC Urban
101-205 Doney Crescent
Vaughan, ON
Industrial Development
Partner: Northbridge
2844 West Deer Valley Road
Phoenix, AZ
Industrial
Partner: Hopewell
3499 Rue Douglas B. Floreani
Montreal, QC
Industrial
Partner: Montoni Group

6. 6
Theprincipals &employees of Nicola Wealth have over $100M(CAD) of their owncapital invested across all three real estate funds.
Nicola WealthReal Estate Team
Investments
Team
Mortgage
Financing
Team
Insurance
Team
Asset
Management
Team
Leasing
Team
Development
Team
Finance &
Accounting
Disciplined
acquisitions
Accretive debt
procurement
Thorough
insurance
coverage
Hands on
approach to
management
Aggressive
leasing
strategy
Value creation
through
development
Robust
financial
reporting

7. 2021 Dispositions
7
Cathedral Energy Building
Edmonton, AB
Industrial
Plaza 400
Prince George, BC
Office
Lougheed Super Centre
Coquitlam, BC
Retail
Canyon Park Heights
Seattle (Bothell), WA
Office
South Hill Village
Seattle (Puyallup), WA
Retail

8. Build-to-Own Developments
8
NCRE LP
2285 Cambie Street
Vancouver, BC
Office
McKenzie & Shelbourne
Victoria, BC
Multi Family Rental
The Spencer Block
Victoria, BC
Multi Family Rental
Partner: Denciti
880 Avonhead Road
Mississauga, ON
Industrial
Partner: First Gulf
601 – 607 Milner Avenue
Toronto, ON
Industrial
2485 Speers Road
Oakville, ON
Industrial
Partner: First Gulf

9. Project Updates – Nicola Value Add Real Estate LP
9
Industrial Portfolio
Hamilton & Burlington, ON
Industrial
Partner: First Gulf
Evolution Block
Vancouver, BC
Industrial & Office
Partner: PC Urban
Construction Complete 8 of 9 Properties Re-Sold
100% Sold
98% Pre-Sold & Under Construction
Complete & 100% Sold
The Lex
Vancouver, BC
Strata Residential Conversion
Partner: Pure Group
The Bertram
Kelowna, BC
Strata Residential
Partner: Mission Group
Hudson Place One
Victoria, BC
Strata Residential
Partner: Townline
IntraUrban Kent
Vancouver
Strata Industrial
Partner: PC Urban
100% Pre-Sold & Under Construction

10. Threats in 2022 and Beyond
10
INTEREST
RATES
INFLATION
ACCESS TO
LABOUR
MUNICIPAL
RED TAPE
SUPPLY
CHAIN
(LACK OF)
FEDERAL LEADERSHIP

11. ESG – Real Estate Examples
11
Environmental Social Governance
 Construction and
Building Design
 Transit Oriented
Development
 Reduced Energy
Consumption
 Charitable Giving &
Philanthropy
 Employee Health and
Wellness
 Community focused uses
for properties (e.g. artist
studios)
 External Investment
Committee
 External Investment
Review Board
 Third Party Property
Valuations/Appraisal

12. realestate.nicolawealth.com
ThankYou
This material contains the current opinions of the author and such opinions are subject to change without notice. This material is distributed for informational
purposes only. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment
advice or a recommendation of any particular security, strategy or investment product. Past performance is not indicative of future results. All investments contain
risk and may gain or lose value. Returns are net of fund expenses charged to date. This is not a sales solicitation. This investment is intended for tax residents of
Canada who are accredited investors. Residency restrictions apply. Please read the relevant documentation for additional details and important disclosure
information, including terms of redemption and limited liquidity. Please speak to your Nicola Wealth advisor for advice based on your unique circumstances. Nicola
Wealth is registered as a Portfolio Manager, Exempt Market Dealer and Investment Fund Manager with the required provincial securities commissions. Returns are
calculated on a monthly basis and may differ from client returns which are updated with a 1 month lag. Effective January 1, 2019 all funds branded NWM were
changed to the fund family name Nicola. Effective January 1, 2019 Nicola Canadian Real Estate LP, Nicola U.S. Real Estate LP, and Nicola Value Add Real Estate LP
adopted new mandates and changed names from SPIRE Real Estate LP, SPIRE US LP, SPIRE Value Add LP. Distributions are not guaranteed and may vary in amount
and frequency over time. Nicola U.S. Real Estate LP was set up in July 2007 but opened to investors in June 2010 and all returns are calculated from June 2010. For
a complete listing of Nicola Wealth Real Estate portfolios, please visit realestate.nicolawealth.com. This summary contains forward-looking information and actual
results may vary materially in respect of the investment described in this summary. This summary is not an offering document or an offering of securities in any
jurisdiction.