Merger and Name Change

Effective April 15, 2014, Slate US Opportunity (No 1) Realty Trust acquired all of the assets of Slate US Opportunity (No 2) Realty Trust in consideration for Class U units of Slate US Opportunity (No 1) Realty Trust as per the following schedule: each No 2 Class A unit was exchanged for 0.9812 No 1 Class U units; each No 2 Class F unit was exchanged for 1.0123 No 1 Class U units; each No 2 Class U unit was exchanged for 0.9793 No 1 Class U units. Holders of Slate US Opportunity No 1 Realty Trust Class A units will have the option to convert to Slate US Opportunity No 1 Class U units at the rate of 1.0078 Class U units for each Class A unit held. Those who opt to continue to hold Slate US Opportunity No 1 Realty Trust Class A units will continue to receive distributions in $Cdn. On the same day, April 15, 2014, Slate US Opportunity No 1 Realty Trust changed its name to Slate Retail REIT, whose Class A and Class U units were listed on the TSX on April 22, 2014.