Third Quarter Report Quarter ended September 30, 2009 We’ve updated the look of your quarterly report. To save on the costs of production and mailing, we’ve reduced the report size while still providing you up-to-date information on your investment. Full details and comprehensive financial information can be found in our quarterly Form 10-Q filing with the Securities and Exchange Commission. Third Quarter Overview The REIT made five acquisitions this quarter (two wholly owned, three held in joint ventures with our PGGM partner) The REIT’s portion of the aggregate purchase price of these acquisitions, including any attributable debt, was approximately $216 million. Forty55 Lofts in Marina del Rey, California, is located minutes from Pacific Ocean beachfront. • The Gallery at NoHo Commons, a wholly owned asset in Los Angeles, California, is located in the North Hollywood Arts District in proximity to major employers in the entertainment and media industries. • Mariposa Loft Apartments, a wholly owned asset, is located in Inman Park Village, one of Atlanta, Georgia’s most popular in-town neighborhoods. This neighborhood is known for its exceptional retail, dining, and vibrant nightlife. • Waterford Place is located in Dublin, California, approximately 35 miles east of San Francisco. The community is adjacent to retail and restaurants, and is one mile from the Dublin/Pleasanton Bay Area Rapid Transit station. • Burrough’s Mill Apartment Homes is located on 26 acres in Cherry Hill, New Jersey, a suburb of Philadelphia. Cherry Hill township is in Camden County, a densely populated and affluent county. Our increase in investments in real estate and joint ventures from December 31, 2008 to September 30, 2009 was primarily due to our acquisition of two wholly owned multifamily communities, investments in four new co-joint ventures and additional contributions on existing co-joint ventures. These investments were funded primarily from the proceeds of our Initial Public Offering. I BEHRINGER HARVARD MULTIFAMILY REIT I, INC. Investment Highlights30, 2009 (in millions) Sep. 30, 2009 Dec. 31, 2008 Investments in real estate and joint ventures $ 283.6 $ 96.5 Total assets $ 353.0 $ 120.9 (Left) Forty55 Lofts, Marina del Rey, CA; (Right) The Gallery at NoHo Commons, Los Angeles (North Hollywood), CA BEHRINGER HARVARD MULTIFAMILY REIT I, INC. Investor Information A copy of the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission, is available without charge at www.sec.gov or by written request to the Company at its corporate headquarters. You may also elect to sign up for electronic delivery by visiting behringerharvard.com and selecting the option to “Go Paperless” at the top of the home page. For additional information about Behringer Harvard and its real estate programs, please contact us at 866.655.3650.

Multifamily REIT I, Inc. Investments as of September 30, 2009 The Reserve at Johns Creek Walk Johns Creek (near Atlanta), GA 210 rental units The Verandah at Meyerland Houston, TX 301 rental units Burrough’s Mill Apartment Homes Cherry HIll, NJ 308 rental units Forty55 Lofts Marina del Rey, CA 140 rental units Mariposa Loft Apartments Atlanta, GA 253 rental units The Gallery at NoHo Commons Los Angeles, CA 438 rental units Waterford Place Dublin (near San Francisco), CA 390 rental units The Eclipse Houston, TX 330 rental units Satori Fort Lauderdale, FL 279 rental units The Venue Henderson (near Las Vegas), NV 168 rental units 55 Hundred Arlington County, VA 234 rental units The Cameron Silver Spring, MD 325 rental units Bailey’s Crossing Fairfax/Arlington Counties, VA 414 rental units Grand Reserve Dallas, TX 149 rental units Skye2905 Denver, CO 400 rental units Veritas Henderson (near Las Vegas), NV 430 rental units NEW Date Published 12/09 • IN • 404060 • © 2009 Behringer Harvard Investment in Stabilized, High-Quality Multifamily Communities Multifamily Communities in Development Burrough’s Mill Apartment Homes Mariposa Loft Apartments The Reserve at Johns Creek Walk Waterford Place The Gallery at NoHo Commons The Verandah at Meyerland The Eclipse Forty55 Lofts Satori 55 Hundred The Venue Grand Reserve Bailey’s Crossing The Cameron Skye2905 Veritas 25% 50% 75% 100% 25% 50% 75% 100% NEW NEW NEW NEW Behringer Harvard 15601 Dallas Parkway, Suite 600 Addison, Texas 75001 866.655.3600 behringerharvard.com Reconciliation of MFFO to Net Income (in millions) 3 mos. ended Sep. 30, 2009 3 mos. ended Sep. 30, 2008 9 mos. ended Sep. 30, 2009 9 mos. ended Sep. 30, 2008 Net income $ (3.9) $ 0.8 $ (3.3) $ 2.3 Real estate depreciation and amortization 1.3 0.2 2.0 0.8 FFO1 (2.6) 1.0 (1.3) 3.1 Acquisition expenses 3.5 – 3.6 – MFFO2 $ 0.9 $ 1.0 $ 2.3 $ 3.1 For the three and nine month periods noted above, MFFO and net income were positively impacted by partial-period results from the acquisitions made during the quarter. Offsetting the additional earnings from acquisitions were the effects of transitioning other properties in the portfolio from development into lease-up status. Properties in lease-up typically have operating costs in excess of initial revenues, and the REIT does not earn the interest income it received from mezzanine loans when the properties were in development. 1 Funds from operations (FFO) is defined by the National Association of Real Estate Investment Trusts as net income (loss), computed in accordance with GAAP, excluding extraordinary items, as defined by GAAP, and gains (or losses) from sales of property, plus depreciation and amortization on real estate assets, and after adjustments for unconsolidated partnerships, joint ventures, and subsidiaries. FFO should not be considered as an alternative to net income (loss) or as an indication of our liquidity. 2 In addition to FFO, we use modified funds from operations (MFFO), which excludes from FFO acquisition related costs, impairment charges and adjustments to fair value for derivatives not qualifying for hedge accounting, to further evaluate our operating performance. Occupancy Rate Stage of Completion