expanding annually  through acquisitions and Development atlantic Canada’s Market leader We are Atlantic Canada’s largest residential  landlord with a 14% market share of  apartments in the region’s six largest cities.  With a portfolio of over 11,000 apartment  units in Atlantic Canada, including 5,000 in  Halifax, we have strong market recognition  and are able to meet the rental needs of  a diversified and growing customer base.  Our established operating platform allows  us to maximize efficiencies and support  additional growth in the region and  beyond. We have grown our real estate portfolio  on an annual basis through the acquisition  of apartments and MHCs. Since 2010, we  have been complementing our growth  with developments. 2013 marked the  Company’s biggest year for acquisitions  and developments in eight years, adding  $191 million in properties to the portfolio. Growth is funded through a combination  of equity, mortgage debt and the  recycling of assets, further increasing the  quality of the portfolio. In 2013 we sold a  portfolio of MHCs in New Brunswick, the  proceeds of which will be used primarily  for apartment acquisitions. Halifax | 47% Ontario | 10% Fredericton | 10% Moncton | 10% St. John’s | 7% Charlottetown | 7% Saint John | 6% Other | 3% $200 $150 $100 $50 $0 $(50) $(100)  Acquisitions   Development   Dispositions 09 10 11 12 13 annual Investment in acquisitions and Development $ millions apartment net operating Income by Core Market for the year ended December 31, 2013 4 Killam ProPerties inc | 2013 Killam Fundamentals