DIVERSIFICATION BY DESIGNdurum.ca

April 30, 2019

OUR OBJECTIVESOPERATE AND MAINTAIN EXISTING INDUSTRIAL PROPERTIES

GROW AND DIVERSIFY THE PORTFOLIO OF INDUSTRIAL ASSETS

PAY TARGETED QUARTERLY DISTRIBUTIONS TO UNITHOLDERS1

1. 2. 3.

STRATEGIC ACQUISITIONLocate and acquire Future Properties to generate stable cash flow and potential for long-term capital appreciation.

FINANCIAL RESTRUCTURINGRestructure the financial arrangements of Future Properties using conservative debt solutions that will enable capital appreciation.

LOCATE QUALITY TENANTSStabilize the rent payable by improving tenant quality and staggering lease terminations, where possible.

OUR APPROACH

1REAL ESTATE INVESTMENT TRUST

Securities Offered: Series C Trust Units (each an “Investor Unit” and collectively, the “Investor Units”)

Price per Security: $100 per Investor Unit

Targeted Preferred Return1 6.5% per annum, paid quarterly

Maximum Offering: $20,000,000 of aggregate proceeds

Minimum Subscription Amount:

$10,000 in Investor Units$6,000 for investors subscribing through their TFSA

Eligibility for Investment Investor Units are available for purchase through Exempt Plans (such as an RRSP, RRIF, TFSA)

Redemption Rights2 Investors may redeem Investor Units at any time on written notice to the Trust, provided that Investors will only receive 100% of the fair market value of such redeemed Investor Units if redemption occurs after 4 years.

The Trust has been established to provide a reliable distribution to investors through the acquisition, management and operation of a diverse portfolio of industrial properties.

OUR OFFERING

NOTES1 Targeted preferred returns may differ and cannot be guaranteed. The profit split potential is based on special distributions to be declared at the discretion of Trustees and is based on remaining funds following the payment of preferred returns and trailer fees. Refer to the Distribution Policy in the April 30, 2019 Offering Memorandum

2 Subject to a quarterly redemption cash limit. Should the limit be exceeded, redemption notes may be issued which are not eligible for registered plans. Refer to the April 30, 2019 Offering Memorandum for further information on Redemption Rights

3 Refer to Use of Funds and Capital Structure within the April 30, 2019 Offering Memorandum

$7.5 Million represents theopportunity for new capital

under the April 30, 2019O�ering Memorandum

64%36%

$12.5 Millionraised to date from>500 investors

FUND HIGHLIGHTS

CAPITAL RAISED IN TRUST3

PROFIT SPLIT POTENTIAL OF 70%

TO INVESTORS1

2 DURUM INDUSTRIAL

OUR TEAM

Jay SimmonsCEO, Trustee, Director

• 20+ years experience in private equity, startups, turn-arounds and financial restructuring

• B.COMM, Dalhousie University, CPA, CA, ICD.D

Judy QuanOfficer, Vice President

• 10+ years experience in private equity, startups, turn-arounds and financial restructuring

• 5+ years experience in real estate management

• B.COMM, University of Saskatchewan, MBA

BOARD OF TRUSTEES

Grant SardachukMBA, Trustee

• Co-Managing Partner of Centurion Holdings Ltd.

• Former Managing Director of Optimus U.S. Real Estate Fund and Senior Executive of Brookfield Asset Management

Joseph Lougheed LLB, Trustee

• Partner at Dentons Canada LLP

Michael McGeeM.Sc Finance, Trustee

• Partner at Avrio Capital

MANAGEMENT

BOARD OF DIRECTORS

Steve AllanFCPA, FCA, ICD.D, Independent Director

• Board Chair of Calgary Economic Development

Gary BenthamCPA, CA, ICD.D, Independent Director

• Principal of BTM Advisory

Sean MorganCPA, CA, CFA, Director

• Senior Director, Finance of Werklund Family Office Inc.

William RobinsonDirector

• Former CEO of Loram 99, the Mannix Family Office

• Former President and Director of Manvest Inc.

Jenna TruongOfficer, Vice President, Finance

• 5+ years experience in private equity

• B.SC University of Alberta, CPA

Ian MacKayGeneral Manager

• 35+ years in commercial real estate management

• B.COMM University of Saskatchewan

• Managed portfolio of 2.2M SF of property with a private REIT

3REAL ESTATE INVESTMENT TRUST

Lease Agreements

Income Generation

Negotiate Purchase

AccountingFees

Financing

Initial Investment

LegalFees

RentCollection

PropertyImprovements

RealtorFees

Find Properties

Initial Investment Income

Distributions

DO IT YOURSELF REIT MODEL

WHY A REIT?It is the belief of Management that investors are drawn to real estate for the hybrid benefit of yield and capital growth. A Real Estate Investment Trust offers the benefit of asset class diversification, such as ability to invest in industrial real estate, without the large capital requirement to own real estate personally.

MARKET ANALYSIS

4 DURUM INDUSTRIAL

Cap Rate Comparison by Asset Class

0

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

Multi Family Low Rise

Multi Family High Rise

Retail (Average of type)

Industrial

Halifax

Montrea

l

Ottawa

Toro

nto

Winn

ipeg

Saska

toon

Edmonton

Calgary

Vanco

uver

Victoria

Nationa

l Ave

rage

Industrial Vacancy (%)Downtown Oce Vacancy (%) Suburban Oce Vacancy (%)

0

5%

10%

15%

20%

25%

30%

MontrealOttawaTorontoEdmontonCalgaryVancouver

Years

0 3 6 9 12 15

Industrial

Commercial

Residential

Vacancy Rate Comparison by Asset Class

Lease Term

AVERAGE PORTFOLIO CAP RATE OF DURUM

INDUSTRIAL REIT

7%(b)

WHY INDUSTRIAL REAL ESTATE

NOTES(a) In Canada when compared to residential, office

and retail counterparts(b) Refer to Existing Properties within the Offering

Memorandum dated April 30, 2019. The portfolio capitalization rate is calculated as of the date of the Offering Memorandum using appraised values and is not necessarily representative of the capitalization rate at the time of purchase or over the life of the existing leases.

1. INCREASING DEMAND1

3. GREATER PREDICTABILITY3

2. HIGHER RETURNS2

4. DECREASED VOLATILITY4-8

5REAL ESTATE INVESTMENT TRUST

Sources: 1. JLL. (2019) Capital Markets Insights Q4 2018. Retrieved

April 15, 2019, from https://www.jll.ca/content/dam/jll-com/documents/pdf/research/CAN-NCM-Insight-Q4-2018-JLL.pdf

2. CBRE. (2019) Canada Cap Rate Survey Q4 2018. Retrieved April 25, 2019, from https://www.cbre.com/research-and-reports/Canada-Cap-Rate-Survey-Q4-2018

3. Smith, N. (2018, April 09). Typical Commercial Lease Term Lengths. Retrieved April 25, 2019, from https://www.austintenantadvisors.com/blog/typical-commercial-real-estate-lease-term-length/

4. Colliers (2018). National Industrial Dashboard Population Over 1M Q4 2017. Retrieved 2019, from https://www.collierscanada.com/en/commercial-property-research/2017/national-industrial-market-dashboard-over1m-q4-2017

5. Colliers(2018).NationalOfficeDashboardPopulationUnder1M Q4 2018. Retrieved 2019, from https://www.collierscanada.com/en/commercial-property-research/2018/national-office-market-dashboard-under1m-q4-2018

6. Colliers (2018). National Industrial Dashboard Population Over 1M Q4 2018. Retrieved 2019, from https://www.collierscanada.com/en/commercial-property-research/2018/national-industrial-market-dashboard-over1m-q4-2018

7. CBRE.(2014)NationalOfficeandIndustrialTrends.Retrieved2019,fromhttps://www.cbre.ca/assetlibrary/National-Office-and-Industrial-Trends-2Q-14.pdf

8. CBRE.(2016)NationalOfficeandIndustrialTrends.Retrieved2019, from https://www.cbre.ca/AssetLibrary/CBRE_National_3Q2016_stats_summary.PDF

9. Avison Young 2019 Forecast Report, 2018 Annual Review. (n.d.). RetrievedMarch12,2019,fromhttps://avisonyoung.uberflip.com/i/1071065-ay2019northamericaeuropeasiaforecastjan15-19final/0?

GENERAL DISCLAIMERThis is not a formal offering document. Prospective purchasers of this investment opportunity will be provided with a formal Offering Memorandum and will need to be qualified for investment prior to making any investment. No person has been authorized to give any information or to make any representation not contained in the formal Offering Memorandum. No securities regulatory authority or regulator has assessed the merits of the proposed offering or reviewed the formal Offering Memorandum.

This investment opportunity is speculative and involves a high degree of risk. There is a risk that any investment made will be lost entirely or in part. Only prospective investors who do not require immediate liquidity of their investment and who can afford the loss of their entire investment should consider this investment. Actual results or events to differ materially from those anticipated in such forward-looking statements. No financial outcomes can be guaranteed.

INCREASING DEMAND1

In Canada, the industrial asset class was the strongest performing sector in 2018 in terms of overall sales volume. This rank at the top of the real estate sector is in large part a result of consumer e-commerce trends driving demand.

HIGHER RETURNS2

The capitalization rates of industrial properties as of Q4 2018 were higher than retail properties and multi-family properties across major Canadian cities, supporting higher yield. Capitalization rates above national averages support potential for capital appreciation.

GREATER PREDICTABILITY3

A longer lease term allows for greater stability and predictability of rent. While markets may fluctuate, longer term leases allow for known income despite changes in economic conditions.

DECREASED VOLATILITY4-8

The spread in each city showcases the market volatility across a five-year period; industrial properties are more stable when compared to their office building counterparts, supporting greater stability of the overall portfolio. The vacancy rate in Canada’s industrial markets rounded out 2018 at 2.9%, reaching a record low nationally9.

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Durum Industrial REIT500, 1414 – 8 Street SWCalgary AB T2R 1J6403.541.5303info@durum.cadurum.ca

FORWARD LOOKING INFORMATION DISCLAIMER These materials may contain “forward-looking information” as such term is defined under applicable Canadian securities laws. Forward looking information is disclosure regarding possible events, conditions or results of operations that is based on assumptions about future economic conditions and courses of action believed to be reasonable and includes future-oriented financial information (“FOFI”) with respect to prospective results of operations, financial position, rates of return, timing of the return of an investors capital contribution or cash flows that is presented either as a forecast or a projection. FOFI is forward looking information about prospective results of operations, rates of return, timing of the return of an investors capital contribution, financial position or cash flows, based on assumptions about future economic conditions and courses of action, and presented in the format of possible rates of return depending on prospective land values in the future. These statements are only predictions. Undue reliance should not be placed on these forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur and may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No financial outcomes can be guaranteed.

INVESTOR RIGHTS If you purchase any securities distributed by the Durum Industrial Real Estate Investment Trust and/or Durum Industrial Real Estate LP (such securities herein referred to as the “Securities’) you will have certain rights in the event of a misrepresentation. Reference should be made to the formal Offering Memorandum, as well as to the full text of the applicable provisions of securities legislation in the Province in which you reside, or consultation should be undertaken with professional advisors.

If you are subject to the laws of Ontario or Saskatchewan those laws provide, in part, that if there is a misrepresentation in this document, which was a misrepresentation at the time that you subscribed for Securities, then you will be deemed to have relied upon the misrepresentation and will, as provided below, have a right of action against the issuer of the Securities (and, in certain instances, other persons) in respect of the Securities purchased by you for damages or, alternatively, while still the owner of any of the Securities purchased, for rescission, in which case, if you elect to exercise the right of rescission, you will have no right of action for damages against the issuer of the Securities, provided that: (1) no person or company will be liable if it proves that you purchased the Securities with knowledge of the misrepresentation; (2) in the case of an action for damages, the defendant will not be liable for all or any portion of the damages that it proves do not represent the depreciation in value of the Securities as a result of the misrepresentation; and (3) in no case will the amount recoverable in any action exceed the price at which the Securities were purchased by you. In the case of action for rescission, no action may be commenced more than 180 days after the date of the transaction that gave rise to the cause of action. In the case of any action other than an action for rescission, (A) in Ontario no action may be commenced later than the earlier of (i) 180 days after you first had knowledge of the facts giving rise to the cause of action, or (ii) three years after the date of the transaction that gave rise to the cause of action, and (B) in Saskatchewan no action may be commenced later than the earlier of (i) one year after you first had knowledge of the facts giving rise to the cause of action; or (ii) six years after the date of the transaction that gave rise to the cause of action. The rights of action described herein are in addition to, and without derogation from, any other right or remedy that you may have at law. There are similar rights provided for the securities legislation of the Provinces of British Columbia, Alberta, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador, and reference should be made to the full text of the applicable provisions of the securities legislation in those Provinces or consultation should be undertaken with professional advisors. If you subscribe for Securities you have the right to cancel your agreement to purchase the Securities, but to do so you must send a notice to the issuer of the Securities before midnight on the second business day after you sign the subscription agreement to purchase the Securities.

Contact an authorized dealing representative to learn more about your opportunity to invest