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Cautionary Statements


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This presentation contains a summary of certain principal characteristics of Avondale Real Estate Opportunity Fund Limited Partnership I (the “Fund”) and is provided for informational and illustrative purposes only as of the date hereof, is not complete, and may not contain certain material information about the Fund, including important disclosures and risk factors associated with an investment in the Fund. This information does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it. Before making any investment, prospective investors should consult their financial, legal and tax advisors to determine whether an investment is suitable for them. No person has been authorized to give any information or to make any representations other than as contained in this presentation. Statements in this presentation are made as of the date hereof unless stated otherwise herein, and the delivery of this presentation at any time shall not under any circumstances create an implication that the information contained herein is correct as of any time subsequent to such date.


The Fund does not undertake to provide any additional further information or to enter into negotiations regarding the investment opportunity to which this presentation relates. The Fund retains the right, at any time, to terminate any discussions or negotiations with prospective investors. In the event of such termination the Fund will not be under any obligation to disclose the reasons for such termination nor will they have any liability to any recipient hereof for any costs whatsoever incurred in the consideration of the information contained in this presentation.


The contents of this presentation are for informational purposes only. This presentation is not to be construed as an offering of securities, which offering can only be made by a private placement exemption from prospectus requirements, and only in those jurisdictions where such securities may be \ lawfully offered for sale. The offering of securities by the Fund constitutes a private offering of these securities only in those jurisdictions and to those persons where and to whom they may be lawfully sold and therein only by those entities permitted to sell such securities. This presentation is not, and under no circumstances is it to be construed as, a prospectus, advertisement or public offering of the securities referred to herein. No securities commission or similar regulatory authority has passed on the merits of the securities offered nor has it reviewed this presentation and any representation to the contrary is an offence. The securities offered hereunder will be issued under exemptions from the prospectus requirements of the applicable securities laws of certain of the Provinces of Canada and the rules, regulations and policies thereunder and will be subject to resale restrictions.


This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States. These securities may not be offered or sold in the United States except pursuant to exemptions \from registration under the U.S. Securities Act and all applicable states securities laws. The term "United States" is as defined in Rule 902 of Regulation S under the U.S. Securities Act. This document and its contents are confidential. It is being supplied to you solely for your information and may not be reproduced or forwarded to any other person, or published (in whole or in part) for any purpose.


Forward Looking Statements


This presentation contains forward-looking statements that involve substantial known and unknown risks and uncertainties. When used in this presentation, the use of any of the words "plan", "expect", "project", “target”, "intend", "believe", "anticipate", "estimate" or other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements, including, without limitation, future plans and objectives of the Fund; future revenue of the Fund; initial and ongoing costs and expenses of the Fund; future returns of the Fund; terms of the offering; financial and business prospects and financial outlook; future growth; and other events and circumstances described in terms of the Fund's expectations or intentions. These statements reflect the current internal projections, expectations or beliefs of the Fund and are based on information currently available to the Fund and actual events or results may differ materially.


Although management of the Fund believe that the expectations reflected in the forward-looking statements are reasonable, they cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Fund's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Fund. Forward-looking statements are subject to known and unknown risks and uncertainties, including, but not limited to, changes in general economic conditions; competition; the timing and nature of equity offerings to be completed by the Fund; the Fund's potential revenue; the ability of the Fund to successfully complete acquisitions; reliance on industry partners; reliance on operators and key personnel; and other factors, many of which are beyond the control of the Fund.


With respect to forward-looking statements contained in this presentation, the Fund has made assumptions regarding among other things: expected developments in the Canadian real estate industry; the ability to synergize cost savings with other affiliate entities of the Fund; availability of real estate suitable for investment by the Fund; conditions in economic and financial markets; and future costs and expenses. The Fund has included the above summary of risks and assumptions related to forward-looking statements provided in this presentation in order to provide potential investors with a more complete perspective on the Fund's future operations and such information may not be appropriate for other purposes. Readers are cautioned that the foregoing list is not exhaustive. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement and are made as of the date of this presentation. The Fund disclaims any intent or obligation to update publicly any \ forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.