Behringer Harvard Multifamily REIT I, Inc.  Development Update Call Artist’s rendering of 21 Lawrence, in Denver, CO January 29, 2013

Forward-Looking Statements This presentation contains forward-looking statements, including discussion and analysis of the financial condition of Behringer Harvard Multifamily REIT I, Inc. (the “REIT”) and its subsidiaries and other matters. These forward-looking statements are not historical facts but are the intent, belief or current expectations of the REIT’s management based on their knowledge and understanding of the REIT’s business and industry. Words such as “may,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “could,” “should” and variations of these words and similar expressions are intended to identify forward-looking statements. We intend that such forward-looking statements be subject to the safe harbor provisions created by Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.   Forward-looking statements that were true at the time made may ultimately prove to be incorrect or false. We caution you not to place undue reliance on forward-looking statements, which reflect the REIT’s management's view only as of the date of this presentation. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions the occurrence of unanticipated events or changes to future operating results. 

Forward-Looking Statements Factors that could cause actual results to vary materially from any forward-looking statements made in this presentation include, but are not limited to:   absence of a public market for the REIT’s securities; limited operating history; limited transferability and lack of liquidity; risks associated with lending activities ; no assurance that distributions will continue to be made or that any particular rate of distribution will be maintained; until the proceeds from an offering are invested and generating cash flow from operating activities, some or all of the distributions will be paid from other sources, which may be deemed a return of capital, such as from the proceeds of an offering, cash advances by the advisor, cash resulting from a waiver of asset management fees, proceeds from the sales of assets, and borrowings in anticipation of future cash flow from operating activities, which could result in less proceeds to make investments in real estate; reliance on the program’s advisor; payment of significant fees to the advisor and their affiliates ; potential conflicts of interest; lack of diversification in property holdings;  Market and economic challenges experienced by the U.S. economy or real estate industry as a whole and the local economic conditions in the markets in which our properties are located; the REIT’s ability to make accretive investments in a diversified portfolio of assets; Availability of cash flow from operating activities for distribution; the REIT’s level of debt and the terms and limitations imposed on the REIT by its debt agreements; the availability of credit generally, and any failure to obtain debt financing at favorable terms or a failure to satisfy the conditions and requirements of that debt; the ability to secure resident leases at favorable rental rates; the ability to raise future capital through equity and debt security offerings and through joint venture arrangements; the ability to retain our executive officers and other key personnel of our advisor, our property manager and their affiliates; conflicts of interest arising out of our relationships with our advisor and its affiliates; unfavorable changes in laws or regulations impacting our business, our assets or our key relationships; factors that could affect our ability to qualify as a real estate investment trust; potential development risks and construction delays; the potential inability to retain current tenants and attract new tenants due to a competitive real estate market; risk that a program’s operating results will be affected by economic and regulatory changes that have an adverse impact on a program’s investments; risks related to investments in distressed properties or debt include possible default under the original loan; unforeseen increases in operating and capital expenses; declines in real estate values; and, lack of availability of due diligence information. These risks may impact the REIT’s financial condition, operating results, returns to its shareholders, and ability to make distributions as stated in the REIT’s offering. Investment in securities of Behringer Harvard real estate programs is subject to substantial risks and may result in the loss of principal invested. Real Estate programs are not suitable for all investors.  The forward looking statements should be read in light of these and other risk factors identified in the “Risk Factors” section of the REIT’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 and our Annual Report on Form 10-K for the year ended December 31, 2011, as filed with the Securities and Exchange Commission.

Behringer Harvard Multifamily REIT I, Inc. Development Portfolio The Franklin Delray development site plan A rendering of Tyson’s Corner development Recent photos of Allegro II development

Continued Favorable Spreads Between  Class A Cap Rates and New Development Yields Source: Witten Advisors, Real Capital Analytics, NCREIF Used with permission from Witten Advisors LLC. Acquisition Development Development Estimated New  Development Yield  (nationwide average) Class A Cap Rate (est.) 4% 5% 6% 7% 8% 9% 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 Class A Cap Rate Spread  over Return on  Development Cost

Development Portfolio – Equity Investments We may obtain construction financing. If the development achieves certain milestones primarily related to approved budgets less than maximum amounts, we will reimburse the JV partner for their equity ownership and we will be responsible for all of the development costs. The JV partner would then be entitled to back end interests based on the development achieving certain total returns. Note:  These are current estimates and are subject to change.  ($ millions)  Property Name Investment Type Location Units Approximate Total Costs Incurred as of January 18, 2013 Our Share of Total Estimated Costs (1) The Franklin Delray  Wholly owned Delray Beach, FL 180 $20.2 $33.1 Allegro Phase II Wholly owned Addison, TX 121 $9.6 $16.1 Renaissance Phase II Joint venture Concord, CA 163 $8.6 $27.9 Seven Rio Joint venture(2) Austin, TX 221 $7.5 $60.7 Allusion West University  Joint venture(2) Houston, TX 231 $13.3 $43.8 4110 Fairmount  Joint venture(2) Dallas, TX 299 $12.1 $47.8 Arpeggio Victory Park  Joint venture(2) Dallas, TX 377 $17.7 $62.0 The Muse Museum District  Joint venture(2) Houston, TX 270 $12.6 $51.2 21 Lawrence  Joint venture(2) Denver, CO 212 $7.9 $50.8 Audubon  Joint venture(2) Wakefield, MA 186 $7.1 $51.8 22 Water Street Joint venture(2) Cambridge, MA 392 $23.8 $191.1 Tysons Corner Joint venture(2) Tysons Corner, VA 461 $31.4 $212.2 Total 3,113 $171.8 $848.5

Tysons Corner – Tysons Corner, Virginia

21 Lawrence – Denver, Colorado

22 Water Street – Cambridge, Massachusetts

Audubon Road – Wakefield, Massachusetts

Allegro Phase II – Addison, Texas

The Franklin Delray – Delray Beach, Florida

Development Portfolio - Loan Investments  ($ millions)  Property Name Investment Type Location Units Total Commitment Amounts Advanced at December 31, 2012 Fixed Interest Rate Maturity Date Pacifica Land loan (1) Costa Mesa, CA 113 $4.9 $4.9 10.0% April 2013 Jefferson at One Scottsdale Mezzanine loan Scottsdale, AZ 388 $22.7 $21.5 14.5% December 2015 The Domain Mezzanine loan Houston, TX 320 $10.5 $9.8 14.0% April 2014 TDI 121 Custer  (2) Mezzanine loan Allen, TX 444 $14.1 $2.6 14.5% August 2015 Kendall Mezzanine loan Kendall, FL 321 $12.3 $9.2 (at close) 15% January 2016 Total 1,586 $64.5 $48.0 14.17%  (1) Our option period to convert our land loan to an equity investment expired on August 15, 2012.  We are currently in discussions to convert the land loan under similar terms. (2) We own 55% of this loan, but amounts listed represent 100%.

Construction Timeline Property Name Location Units Estimated Completion Date Estimated Stabilization Date (1) Allegro Phase II Addison, TX 121 2Q 2013 4Q 2013 The Franklin Delray Delray Beach, FL 180 3Q 2013 1Q 2014 4110 Fairmount  Dallas, TX 299 3Q 2014 2Q 2015 Arpeggio Victory Park  Dallas, TX 377 3Q 2014 2Q 2015 Allusion West University  Houston, TX 231 4Q 2014 1Q 2015 21 Lawrence  Denver, CO 212 4Q 2014 2Q 2015 Seven Rio Austin, TX 221 4Q 2014 3Q 2015 Audubon Road  Wakefield, MA 186 2Q 2015 4Q 2015 The Muse Museum District  Houston, TX 270 2Q 2015 4Q 2015 22 Water Street Cambridge, MA 392 3Q 2015 3Q 2016 Renaissance Phase II Concord, CA 163 4Q 2015 2Q 2016 Tysons Corner Tysons Corner, VA 461 2Q 2016 1Q 2018 Total 3,113 Note: These dates are current estimates and subject to change. (1) Stabilization occurs when the property reaches 90%.  Leasing generally begins 1 to 2 quarters prior to completion based on size and if construction can be completed in phases.

Development Portfolio – Equity Investments (1) We may obtain construction financing. (2) If the development achieves certain milestones primarily related to approved budgets less than maximum amounts, we will reimburse the JV partner for their equity ownership and we will be responsible for all of the development costs. The JV partner would then be entitled to back end interests based on the development achieving certain total returns. Note:  These are current estimates and are subject to change.  ($ millions)  Property Name Investment Type Location Units Approximate Total Costs Incurred as of January 18, 2013 Our Share of Total Estimated Costs (1) The Franklin Delray  Wholly owned Delray Beach, FL 180 $20.2 $33.1 Allegro Phase II Wholly owned Addison, TX 121 $9.6 $16.1 Renaissance Phase II Joint venture Concord, CA 163 $8.6 $27.9 Seven Rio Joint venture(2) Austin, TX 221 $7.5 $60.7 Allusion West University  Joint venture(2) Houston, TX 231 $13.3 $43.8 4110 Fairmount  Joint venture(2) Dallas, TX 299 $12.1 $47.8 Arpeggio Victory Park  Joint venture(2) Dallas, TX 377 $17.7 $62.0 The Muse Museum District  Joint venture(2) Houston, TX 270 $12.6 $51.2 21 Lawrence  Joint venture(2) Denver, CO 212 $7.9 $50.8 Audubon  Joint venture(2) Wakefield, MA 186 $7.1 $51.8 22 Water Street Joint venture(2) Cambridge, MA 392 $23.8 $191.1 Tysons Corner Joint venture(2) Tysons Corner, VA 461 $31.4 $212.2 Total 3,113 $171.8 $848.5

Behringer Harvard Multifamily REIT I, Inc. Development Portfolio The Franklin Delray development site plan A rendering of Tyson’s Corner development Recent photos of Allegro II development

Upcoming Calls Topic: Estimated Valuation  Date & Time: Monday, March 4 Home Office Personnel at 11:30 a.m. Central Time  Financial Advisors at 1 p.m. Central Time   Topic: Fourth Quarter and Full Year 2012 Update Date & Time: Friday, March 15 at 1 p.m. Central Time

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