E-Delivery

2015 ANNUAL REPORT Single family construction Construction Current Residential Calgary, AB $ 652,500 69.31% 4 10.00% First 1.07% Land purchase Land Current Commercial Other, AB $ 650,000 64.00% 4 10.75% First 1.07% Duplex/townhouse construction Construction Current Residential Other, AB $ 647,000 54.15% 19 10.00% First 1.07% Single family construction Construction Arrears Residential Other, AB $ 515,000 65.94% 2 11.00% First 0.85% Single family construction Construction Current Residential Edmonton, AB $ 509,824 64.13% 12 10.50% First 0.84% Commercial construction (office/retail) Completed Current Commercial Edmonton, AB $ 500,000 42.00% 5 10.00% Second (9) 0.82% Land purchase Land Current Commercial Calgary, AB $ 445,000 51.55% 10 10.50% First 0.73% Residential purchase Completed Current Residential Greater Edmonton, AB $ 375,000 68.81% 10 10.00% First 0.62% Residential purchase Completed Current Residential Greater Edmonton, AB $ 375,000 68.81% 10 10.00% First 0.62% Single family construction Construction Current Residential Edmonton, AB $ 372,600 74.50% 9 10.50% First 0.61% Duplex/townhouse construction Land Current Residential Calgary, AB $ 362,500 50.00% 1 10.50% First 0.60% Duplex/townhouse construction Land Current Residential Edmonton, AB $ 362,500 77.00% 5 10.00% First 0.60% Commercial construction (office/retail) Construction Current Commercial Edmonton, AB $ 350,000 51.93% 2 14.00% Second (9) 0.58% Duplex/townhouse construction Land Current Residential Edmonton, AB $ 336,000 60.00% 5 10.50% First 0.55% Single family construction Construction Current Residential Calgary, AB $ 271,500 50.00% 10 10.00% First 0.45% Duplex/townhouse construction Completed Current Residential Other, AB $ 259,488 45.82% 1 11.00% First 0.43% Single family construction Completed Current Residential Greater Edmonton, AB $ 255,250 63.81% 2 10.50% First 0.42% Land purchase Land Current Commercial Edmonton, AB $ 250,000 68.18% 1 10.00% First 0.41% Commercial purchase/ refinance (office/retail) Completed Current Commercial Greater Edmonton, AB $ 246,690 54.82% 1 10.75% First 0.41% Single family construction Land Current Residential Greater Calgary, AB $ 240,000 53.00% 6 10.50% First 0.40% Single family construction Construction Current Residential Other, AB $ 220,200 61.83% 5 10.50% First 0.36% Single family construction Construction Current Residential Other, AB $ 202,683 51.32% 3 10.50% First 0.33% Single family construction Land Current Residential Greater Edmonton, AB $ 198,000 60.00% 9 10.50% First 0.33% Residential purchase Completed Current Residential Edmonton, AB $ 176,250 73.00% 3 10.00% First 0.29% Single family construction Construction Current Residential Edmonton, AB $ 173,250 51.00% 9 10.50% First 0.28% Land purchase Land Current Residential Greater Edmonton, AB $ 150,000 44.44% Matured 11.00% First (8) 0.25% Single family construction Land Current Residential Edmonton, AB $ 140,000 65.12% 7 10.50% First 0.23% Commercial purchase/ refinance (office/retail) Completed Current Commercial Other, AB $ 130,000 55.56% 7 11.00% First 0.21% Duplex/townhouse construction Construction Current Residential Calgary, AB $ 88,599 15.51% 5 10.50% First 0.15% Land purchase Land Current Residential Greater Edmonton, AB $ 70,177 61.60% 2 13.50% Second (9) 0.11% Totals $ 57,319,141 94.42% Weighted averages 50.54% 5 10.29% Description of project (1) Project phase (2) Status (3) Zoning (1) Region (4) Invested principal (5) Loan-to- value (6) Term (7) Interest rate Mortgage position % of NAV (A) value of completed improvements is accreted for purposes of calculating loan-to-value as follows: • Servicing without a third party determined "as serviced" value: $1.00 of value for each $1.00 of verifiable cost incurred. • Servicing when a third party determined "as serviced" value is available: The difference between the third party determination of "land only" and "as serviced" values using the percentage of completion method** • Construction: The difference between a third party determination of "land only" and "as complete" values using the percentage of completion method*** * Inclusive of cross collateralized real estate security with an equal position charge on title to the primary security. ** Quantity surveyor reports to determine the percent of the project that is complete may be performed on or before February 28, 2015. *** Site inspections to determine the percent of the project that is complete may be performed by third parties, or staff of the Manager on or before February 28, 2015. (7) Number of months remaining at February 28, 2015 until the contractual maturity date of the mortgage. (8) The Fund also holds an interest in a second mortgage that is secured on this property. (9) The Fund also holds an interest in a first mortgage that is secured on this property. 36

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