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1. Clear Sky Capital
Sunbelt Strategies Fund
Offering investors the opportunity to participate in the growth potential of the
multifamily real estate market in Sunbelt States such as Arizona.

2. DISCLAIMER
This
presenta,on
is
intended
for
informa,on
purposes
only
and
does
not
cons,tute
an
offer
to
sell
or
a
solicita,on
to
buy
securi,es.
No
securi,es
regulatory
authority
or
regulator
has
assessed
the
merits
of
the
informa,on
herein
or
reviewed
this
presenta,on.
This
presenta,on
is
not
intended
to
assist
you
in
making
any
investment
decision
regarding
the
purchase
of
securi,es.
Rather,
the
Fund
has
prepared
an
offering
memorandum
for
delivery
to
prospec,ve
investors
which
describes
certain
terms,
condi,ons
and
risks
of
the
investment
and
certain
rights
that
you
may
have.
This
presenta,on
is
not
intended
for
delivery
to
any
person
without
the
accompanying
offering
memorandum.
If
you
did
not
receive
an
offering
memorandum,
please
contact
us
to
obtain
one.
You
should
review
the
offering
memorandum
with
your
professional
advisers
before
making
any
investment
decision.
This
presenta,on
and
the
accompanying
offering
memorandum
are
intended
for
delivery
only
to,
and
par,cipa,on
in
the
investment
is
restricted
to
investors
to
whom
certain
prospectus
exemp,ons
apply,
as
described
in
the
offering
memorandum.
This
presenta,on
contains
disclosures
that
cons,tute
forward-­‐looking
informa,on
under
securi,es
laws.
Various
assump,ons
are
applied
in
drawing
conclusions
set
out
in
forward-­‐looking
informa,on,
including
assump,ons
about
the
Sunbelt
States
real
estate
market,
economic
condi,ons,
global
financial
crisis,
availability
of
capital
and
government
policy.
The
forward-­‐looking
informa,on
herein
is
based
(in
whole
or
in
part)
upon
risk
factors
which
may
cause
actual
results
to
differ
materially
from
those
contemplated
in
the
forward-­‐looking
informa,on,
including
risks
associated
with:
economic
condi,ons,
the
global
credit
crisis,
real
estate
markets,
financing
efforts,
construc,on
delays,
cost
overruns
and
regulatory
changes.
You
should
not
place
undue
reliance
on
forward-­‐looking
informa,on
and
actual
results
may
differ
materially
from
the
forward-­‐looking
informa,on
herein.
The
foregoing
statements
expressly
qualify
any
forward-­‐looking
informa,on
contained
herein.
The
Fund
is
not
obligated
to
update
or
revise
any
forward-­‐looking
informa,on
except
as
required
by
applicable
law.

3. Who is Clear Sky Capital?
Management has over 17 years of experience in buying,
redeveloping, managing and selling multifamily apartment
buildings in Canada and the U.S.
Clear Sky Capital is a private equity firm with local investment
management specializing in established multifamily apartment
buildings in strategic real estate markets.

4. Proven Track Record
Project
Number of
Units
Location Purchase Price
Date of
Purchase
Sale Proceeds
Date of
Sale
Seacrest Apartments 109
Nanaimo, British
Columbia
CD$6,300,000
February
2004
CD$13,300,000
September
2012
Highland Townhomes 21
Nanaimo, British
Columbia
CD$810,000
January
2002
CD$2,000,000
April
2008
Panoramic Tower
Apartments & Georgia
Towers Apartments
83
Campbell River,
British Columbia
CD$3,150,000
October
2002
CD$8,080,000
June 2006/
March 2006
Seawind Apartments 24
Nanaimo, British
Columbia
CD$700,000
November
2000
CD$1,700,000
June
2006
Villa Lea Apartments 24 Edmonton, Alberta CD$525,000
May
1998
CD$745,000
June
2001
The Whitehouse
Apartments
37 Edmonton, Alberta CD$624,000
March
1996
CD$1,248,000
June
2001
Sprucedale Apartments 21 Edmonton, Alberta CD$480,000
May
1997
CD$687,000
May
2001
Northland Arms
Apartments
70 Edmonton, Alberta CD$1,700,000
October
1997
CD$2,500,000
October
2000
389 CD$14,289,000 CD$30,260,000

5. U.S. Property Acquisitions
Project
Number of
Units
Location Purchase Price
Date of
Purchase
Sale Proceeds
Date of
Sale
Bethany Palms
Apartments
22
Phoenix,
Arizona, USA
US$547,000
July
2010
US$1,880,000
December
2013
Heritage Square
Apartments
120
Gilbert,
Arizona, USA
US$7,500,000
July
2011
- -
Mission Palms
Apartments
125
Phoenix,
Arizona, USA
US$6,250,000
April
2011
- -
Parkway Manor
Apartments
24
Scottsdale,
Arizona, USA
US$1,180,000
February
2012
- -
Arcadia Del Sol
Apartments
260
Phoenix,
Arizona, USA
US$11,750,000
May
2012
- -
Country Club Greens
Apartments
68
Phoenix,
Arizona, USA
US$4,000,000
February
2013
- -
Airmont Apartments 21
Phoenix,
Arizona, USA
US$940,000
September
2013
- -
Timberline Place 102
Flagstaff,
Arizona, USA
US$11,825,000
January
2014
- -
742 US$43,992,000 US$1,880,000

6. The FIVE STEPS

7. Clear Sky Capital strategically invests in regions
that demonstrate three fundamentals for ideal
multifamily property locations:
• High Population Growth
• Historically High Employment
• Recovering Real Estate Market
IDENTIFY REGION

8. “Prescott is one of
the 10 best places to
retire in the U.S.”
– Wall Street Journal
INVESTMENT LOCATION

9. With a population of
approximately 211,000
people, the Prescott
Metropolitan Area, is the
third largest metropolitan
area in Arizona after
Phoenix (4.2M) and
Tucson (1.0M).
Prescott grew by 17.4% from 2000 to 2010, which is a much
higher population growth rate than the U.S. average of 9.71%.
HIGH POPULATION GROWTH
United
States
Census
Bureau
-­‐
2010

10. PRESCOTT MAJOR EMPLOYERS
Employer Industry
Yavapai Regional Medical Center Healthcare
Yavapai County Government
Veterans Administration Medical Center Healthcare
Prescott Unified School District Education
Wal-Mart Retail
City of Prescott Government
State of Arizona Government
Fann Contracting Hwy/Heavy Construction
Yavapai College Education
Embry-Riddle Aeronautical University Technology
Chelton Avionics Manufacturing
Exsil Government
Sturm, Ruger & Co. Firearms
HISTORICALLY HIGH EMPLOYMENT
• The
PrescoR
unemployment
rate
is
6.9%
• Down
from
9.2%
in
January
2013
• Ahead
of
the
Arizona
State
average
of
7.8%
Citytowninfo.com;
United
States
Bureau
of
Labor
Sta,s,cs
–
November
2013;
Economic
and
Business
Research
Center,
The
University
of
Arizona

11. 32.2%
DROP
$246,600
(May
2007)
$143,200
(Feb
2012)
$167,100
(Nov
2013)
RECOVERING REAL ESTATE MARKET
Zillow
Home
Value
Index
-­‐
PrescoR
Home
Prices
and
Home
Values
–
Condo
Prices
(Includes
data
and
transac,ons
through
11/30/2013)
Prescott 10-Year Condo Values

12. Prescott is an ideal market for multifamily
investment due to:
1. Historically low vacancy rates
2. Moderate household incomes combined
with high average condo prices
Prescott - Rental Market

13. Prescott, Arizona
Historically Low Vacancy Rates
Since 2005, vacancy rates in Prescott never reached 7%, even
during the peak of the credit crisis from 2008 through 2010.
Prescott, AZ
4.74%
-
6.98%
6.91%
6.42%
6.07%
5.13%
3.56%

14. Prescott, Arizona
Historically Low Vacancy Rates
Prescott, AZ
4.74%
-
6.98%
6.91%
6.42%
6.07%
5.13%
3.56%
As of 2012, the Prescott vacancy rate was 4.74%, 47% lower than the
Arizona vacancy rate of 9.01% and 30% lower than the U.S average.

15. QUICK FACTS ABOUT PRESCOTT, AZ
Prescott(1)
Phoenix(2)
Median Age 54.1 32.2
Median Household Income $44,278 $54,745
Condo Value Index(3)
$167,100 $112,000
Prescott, Arizona
Income-to-Condo Price
(1)
PrescoR
Census
2010.
(2)
City
of
Phoenix
Planning
&
Development
Research
Team
-­‐
2010
Census
Summary
File.
USD
(3)
hRp://www.zillow.com
(Includes
data
and
transac,ons
through
11/30/2013)
USD
Moderate household incomes combined with high average condo
prices is ideal for multifamily investment.

16. Properties must provide two key methods of generating
potential investment returns:
• Stable Cash Flow
• Long Term Capital Appreciation
IDENTIFY PROPERTY

17. 150-unit
Class“A”property
Built in 1999
Located in an 1150-acre
master-planned residential and private golf community

18. • Heated pool and spa area
• Private garage (select plans)
• Private balcony/patio
• State-of-the-art fitness center
• Resident clubhouse available for meetings and entertaining
• Views of Granite Dells and Watson Lake (select plans)
• Adjacent to a Hale Irwin Signature 18-hole golf course
• Attractive grounds with covered ramadas and barbecues
AMENITIES

19. Six
dis>nc>ve
one,
two
and
three
bedroom
floor
plans,
includes:
Full
size
washer
and
dryer,
designer
kitchen,
dishwasher,
refrigerator
and
microwave,
ceiling
fan,
walk-­‐in
closet,
and
private
deck
or
balcony
with
storage
area.
UNIT TYPES

20. PROPERTY DETAILS
1. NO VACANCY
• Units at the Legacy at Prescott Lakes 100% leased (as of Dec 15, 2013)
• Waiting list for units to become available
2. HIGH TENANT CONCESSIONS
• Discounted rent and tenant incentives average US$13,277 per month
• 9.29% of Gross Rent lost due to concessions

21. PROPERTY DETAILS
3. RENT RATES BELOW MARKET
• Average rental rates in Prescott have increased a cumulative 20.8% since 2005
• Since 2005, The Legacy at Prescott Lakes has increased rental rates by 0.3%
4. LOW PURCHASE PRICE
• Units being acquired are substantially below replacement cost for
approximately US$108,333 per unit
• Average condo price in Prescott is US$167,100

22. The Fund has developed two exit scenarios for The Legacy at Prescott Lakes:
1. Sell The Legacy at Prescott Lakes as an apartment building; or
2. Sell individual condominium apartments
as the market improves over the same time frame.
The exit scenario which is ultimately implemented will depend upon a number
of factors including the lending terms and the potential upside in the“for sale”
condominium market.
Anticipated Holding Period:
4 to 6 Years
EXIT STRATEGY

23. 80% profit share for Cash-Flow distributions to the investor.
80% profit share of Sale Proceeds received by the investor.
Cash Flow to investors are paid on a quarterly basis.
Cash flow distributions largely treated as a return-of-capital.
Sale distributions treated as a capital gain.
No U.S. Tax Return
Investment Proceeds & Distributions

24. * subject to reaching certain investment thresholds prescribed under the Tax Act.
Sunbelt Strategies Fund - Investment Offering
Securities Offered:
Trust Units, which are Class A trust units of the Fund.
Price Per Security:
CD$10 per Trust Unit.
Minimum Subscription:
CD$5,000 (500 Trust Units).
Eligible for Registered Plans:
RRSP, Spousal RRSP, LRSP, LIRA, RRIF,
LIF, LRIF, RESP, DPSP, RPP or TFSA.*

25. All information regarding the
Clear Sky Capital Arizona Realty Fund
can be found in the Offering Memorandum.
Please see your registered Dealing Representative
for more details.