Tricon

BUSINESS PRINCIPLES

Tricon’s mission is to be North America’s pre-eminent asset management company focused on residential real estate development, and to provide our shareholders and investors in our funds with superior risk-adjusted returns. We have adopted several business principles which guide the conduct of the Company and its employees. We believe that our success is deeply rooted in the following principles:

+ Our Vision for Value Creation: We believe that we can create above-average value for our shareholders and investors in our funds by investing in well-conceived residential real estate development projects, and by actively being involved in the management and execution of those development projects. We strive to make investments that are not only financially profitable but that also improve the ways people live, work and interact.

+ Investor Commitment: Investors are the life-blood of our funds, and our long-term success and ability to grow our Assets Under Management depends on serving those investors respectfully and to the best of our ability. When making investment decisions and executing a development strategy, we are ever-mindful of the preservation of our investors’ capital.

+ Business Integrity: Successful business relationships are built on a foundation of mutual trust and understanding. We would not consider an investment, no matter how great the potential return, if it would in any way call into question our integrity, our reputation or impair our working relationships. Our experience has shown that there are numerous highly-profitable investment opportunities that can be entered into without sacrificing our principles.

+ Employee Excellence: We value our employees highly and, in return, they consistently produce high quality results. We are committed to employing individuals who reflect our principles and who are knowledgeable, progressive, diligent, thoughtful, responsive and community-oriented.

+ Superior Developers: Our performance is to a large extent determined by our choice of local developers. In our selection process, we align ourselves with experienced developers who have strong ties to their communities, who practice sustainable, environmentally-friendly development, who take pride in their workmanship and design quality and who value their customers.

+ Prudent Risk Management: Investing in residential real estate development projects requires constant vigilance and careful management in order to maximize returns while minimizing risk. Tricon seeks to achieve profitability by: following prudent and disciplined investment practices by diversifying capital across product types and residential real estate market sectors, assiduously structuring transactions, conducting comprehensive due-diligence and market research, and taking an active role in the management of development projects.