Reorganization

On December 31, 2010, InnVest REIT completed an internal reorganization that resulted in each InnVest REIT unitholder receiving one non-voting unit of InnVest Operations Trust (IOT) for each unit of InnVest REIT held immediately prior to the distribution. Thereafter, InnVest REIT units and IOT non-voting units trade together on the Toronto Stock Exchange as a 'Stapled Unit'. The reorganization resulted in a non-cash distribution of IOT non-voting units equivalent to $0.95850 per unit (the fair market value) which represented a return of capital of InnVest REIT units. On a combined basis, this distribution did not change the adjusted cost base for a unitholder. Since the InnVest units trade together as a stapled unit, the ACB Tracking calculator reflects this fact.