Company Taken Over

Effective March 2, 2012, Whiterock REIT was acquired by Dundee REIT. Dundee REIT has taken up approximately 40.9% of the outstanding Whiterock units under its offer to acquire any and all Whiterock units in consideration for $16.25 or 0.4729 Dundee REIT units, as elected by depositing Whiterock unitholders. Approximately 27% of the Whiterock units (9,832,563 Whiterock units) were tendered to Dundee REIT’s offer for cash for an aggregate of approximately $159.8 million. No elections were pro-rated under the offer. The remaining outstanding Whiterock units have been redeemed by Whiterock in consideration for 0.4729 Dundee REIT units. In total, Dundee REIT has issued 12,580,300 Dundee REIT units in connection with the transaction. Whiterock is now wholly-owned by Dundee REIT.