REIT Profile(page 1 of 2)

For more information: www.centurionapartmentreit.com Centurion Apartment REIT

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Description Why Invest in a REIT?

Centurion 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.

Centurion Apartment REIT at-a-glance Centurion Apartment REIT for Income & Stability

Greg Romundt, HBA

President & Asset ManagerMr. Romundt has 19 yearsindustry experience

People

Greg Romundt, President, has been the Asset Manager since the inception of CAPLP in March 2006 Five Trustees are responsible for the general control and direction

of Centurion Apartment REIT Over 40 dedicated and experienced employees

Process

Process-driven investment methodology focuses on unrecognizedvalue often found in smaller communities, identifying untapped income potential and upgrading buildings to maximize income

Performance

Proven track record of strong “total return” since 2006. Strategy is now focused on providing “regular income distributions” to investors

Portfolio benefits

Helps diversify portfolios overweight in equities with its low correlationto major asset classes and lower volatility Centurion Apartment REIT, as a Private REIT, is far less exposed

to the typical volatility associated with equity markets

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

Advantages of a Private vs Publicly-traded REIT

Key Features

8% annual distributions(paid monthly)

Potential for capital growth

“Tax-advantaged” income

“Private” apartment REIT

Low correlation to other income sectors and asset classes

Helping to provide certainty in uncertain times

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

Publicly-traded REITs tend to be correlated with the equity markets and can be very volatile

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

Private Apartment Property Index exhibits steady growth through periods of market volatility

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

Sources: Morningstar Research Inc. as at December 31, 2009; ICREIM / IPD Canada Annual Property Index as at December 31, 2009. * Average is calculated over the 10-year period of ICREIM / IPD Index. Above ICREAM / IPD Index only available with annual data points versus S&P/TSX indices shown with quarterly data.

REITs are not guaranteed, their values can change frequently and past performance is no guarantee of future results. See page 2 for important information.

21.4

7.4

2000

29.9

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2001

7.4

-12.4

2002

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26.7

2003

14.0

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2004

25.3

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2005

24.7

17.3

2006

-5.7

9.8

2007

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2008

55.3

35.1

2009Calendar Returns (%)

S&P/TSX CappedREITs Index TR (%)

S&P/TSX Composite Index TR (%)

$10,000 invested (Dec 31-1999)

2000/02Internet Bubble Bursts & 9/11

2008/09Global

Financial Crisis

For Directional Purposes Only

S&P/TSX Capped REITs Index TR

S&P/TSX Composite Index TR

$34,325

$17,255

“Positive calendar year Total Returnsevery year over past 10 years”

2000/02Internet Bubble Bursts & 9/11

2008/09Global

Financial Crisis

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

“History of consistently positive growth”

$10,000 invested (Dec 31-1999)

$27,988

What gives this REIT a unique advantage?1. Focus on Apartments: Apartments have proven to be the least risky asset class of real estate investment (based on ICREIM/IPD index results)

2. Focus on Canada: Solid economy, stable and fiscally responsible government, strong banking and resource sectors = a stable and growing environment to invest in3. Benefit of a “Private” REIT: Stable, rational pricing with lower volatility and lower correlation to major equity markets

*

Qualified Investors Only* Available by Offering Memorandum

(avg. 9.7%)*(avg. 6.7%)*(avg. 2.7%)*

Total Return Income Return Capital Growth

Real Estate Investment Trusts (REITs): are income-producing, diversified real estate investments. REITs have a history of providing steady income, long-term capital growth, lower volatility versus other asset classes (depending on the REIT) and may provide a hedge against inflation. All REITs operate like mutual funds. They are one of the most popular options to add the benefits of real estate investments into a portfolio for both institutional and individual investors.

If steady income, capital preservation and stable, moderate growth are key to an investment decision, consider a “Private” Apartment REIT for these and additional reasons outlined in the section below.

REIT Profile(page 2 of 2)

For more information: www.centurionapartmentreit.com Centurion Apartment REIT

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Centurion Apartment REIT – PortfolioCenturion Asset Management – Performance History(1)

Centurion Asset Management – Focused, Experienced & Proven

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.(1) 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 may pursue 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 that 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.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.

About Centurion Apartment REIT

Focused

Dedicated to the investment management & operational managementof multi-unit residential properties, primarily apartments

Experienced

Mr. Romundt, President and the Board of Trustees (5 members) have significant depth of real estate investment/management experience

Disciplined

Proven, process-driven investment methodology to manage risk and uncover opportunities to maximize “steady income” from properties

Clients

Predominately institutional (new REIT open to individual investors)

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

Growth of $10,000 invested in Centurion CAPLP/ REIT (since inception of CAPLP March 2006)(1) Portfolio Diversification (by city)

14 Cities / 23 apartment complexes / 1,179 units

As at February 28, 2010

191Fergus

1,179 units23 apts14 Cities

221Milverton251Huntsville331Halton Hills361Whitby391Gravenhurst471London481Orillia611Tillsonburg432Barrie582Brighton712Oshawa893Hamilton

588 units5 aptsKitchener

# ofApt. Units

Apartment ComplexesCity

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”

Feb 28-10TSX

Mar 7-10CAPLP / REIT

$10,723

$22,078

21.921.99.83.9-0.4Centurion(1)1.3-0.8-0.741.9Centurion CAPLP/ REIT(1) TR(%)

-0.9

-5.3

3-YearSince Incept. 4-Year2-Year1-YearCompound Returns (%)YTD-10200920082007Calendar Returns (%)

2.7

2.5

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-4.5

2.7

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

73.4S&P/TSX Cap REIT3.555.3-38.3-5.7S&P/TSX Cap REIT Index TR (%)

See Important Information in disclaimer. Sources: Centurion Asset Management as at Mar 7, 2010 and Morningstar Research Inc. for S&P/TSX Indices as at Feb 28, 2010

For Directional Purposes Only

S&P/TSX Composite Index

Centurion CAPLP/ REIT(1)

Asset Manager: Centurion Apartment REITManagement Inc.

Property Manager: Centurion Property Associates Inc.

Founded: 2003

Employees: Over 40 employees

Toll Free: 1-888-737-REITwww.centurionapartmentreit.com

Head Office:95 Mural StreetSuite 306Richmond Hill, ONL4B 3G2

Legal Cassels Brock and Blackwell LLP Advisors: (legal advisers of the Centurion Apartment REIT)

Auditors: BDO Dunwoody LLP (Centurion Apartment REIT Management Inc.will act as the transfer agent & registrar of theREIT Units)