Company Taken Over

On April 4th, 2013, H&R Real Estate Investment Trust ("H&R") completed its acquisition of Primaris Retail Real Estate Investment Trust ("Primaris"). Primaris unitholders had the option to elect to receive either cash consideration of $28.00 per Primaris unit or non-cash consideration of 1.166 H&R stapled units per Primaris unit. Unitholders who elected to receive cash consideration received cash for approximately 55.5% of their Primaris units and non-cash consideration for the balance. All other former Primaris unitholders received non-cash consideration consisting of 1.166 H&R stapled units for each Primaris unit. The transaction was structured so former holders of Primaris units received their H&R stapled units on a substantially taxdeferred rollover (the receipt of H&R Finance Trust units, the fair market value of which is 3.788% of the aggregate fair market value of the total unit consideration received by Primaris unitholders, is taxable).