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Annual report 2013 SUMMARY OF INVESTMENT PORTFOLIO As at February 28, 2013 Net Assets ($) 13,019,170 98.59 128,938 Mortgage investments % of Net Assets 0.98 $ Cash and cash equivalents Other net assets 57,447 0.43 $ Net assets 13,205,555 100.00 Loan-tovalue (3) Term (4) Positions Description Region Outstanding Principal Equity take out: condo inventory Greater Edmonton, AB $ 1,200,000 67% 6 First 9.09% Multi-family construction Edmonton, AB 1,150,000 33% 12 First 8.71% Duplex construction Camrose, AB 923,231 64% 1 First 6.99% Single family home construction Greater Calgary, AB 893,500 48% 2 First 6.77% Single family home construction Tofield, AB 887,305 30% 4 First 6.72% Single family home construction Calgary, AB 826,000 45% 6 First 6.25% Multi-family construction Battleford, SK 800,000 48% 6 First 6.06% Single family home construction Edmonton, AB 700,038 69% 4 First 5.30% Single family home construction Greater Edmonton, AB 700,000 62% 7 First 5.30% 7.39 acres residential land Edmonton, AB 624,658 62% 5 First 4.73% Hotel High Prairie, AB 626,000 55% 3 Second 4.74% Single family home construction Calgary, AB 592,950 51% 8 First 4.49% Vacation condo Canmore, AB 500,000 49% 7 First 3.79% 2.47 acres multi-residential land Greater Edmonton, AB 475,000 49% 10 Single family home construction Greater Calgary, AB 472,000 50% 11 First 3.57% Duplex construction Edmonton, AB 471,639 56% 7 First 3.57% Equity take out from office condo Greater Edmonton, AB 251,572 56% 2 First 4.25 acres multi-residential land Edmonton, AB 250,000 59% 3 Second 4.25 acres multi-residential land Edmonton, AB 200,000 38% 4 First (1) 1.77 acres multi-residential land Greater Edmonton, AB 150,000 44% 6 First 1.14% 2.47 acres multi-residential land Greater Edmonton, AB 150,000 56% 7 Second (2) 1.14% Equity take out: single family home Greater Edmonton, AB 110,000 13% - First 0.83% 6 Residential lots Drayton Valley, AB 65,277 5% 4 First Totals Weighted Average $ 13,019,170 First % of NAV 3.60% (2) 1.91% (1) 1.89% 1.51% 0.49% 98.59% 51.35% 5.80 The Fund holds a second mortgage behind the first mortgage in which it also participated. The Fund holds a second mortgage behind the first mortgage in which it also participated. (3) Based on value as determined by a third party, and development progress as determined by the Fund Manager (as applicable), inclusive of cross collateralized real-estate security with an equal charge position to the primary project. (4) Number of months remaining at February 28, 2013 to contractual maturity. (1) (2) 22

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