DRIPs

Distribution Reinvestment Plan

Following Closing and subject to regulatory approval, the REIT intends to implement the DRIP pursuant to which Unitholders may elect to have all or a portion of cash distributions of the REIT payable to any such Unitholder automatically reinvested in additional Units at a price per Unit calculated by reference to the volume-weighted average of the closing price of the Units on the stock exchange on which the Units are then-listed for the five trading days immediately preceding the relevant Distribution Date. Unitholders who so elect will receive a further distribution of Units equal in value to 3% of each distribution that was reinvested by the Unitholder.

Class B Exchangeable Units

Upon the request of a Class B LP unitholder, the subsidiary Partnership of the REIT will adopt a similar DRIP for them (and they also may elect to receive distributions on the Class B LP units in the form of REIT units).

Canadian tax consequences

Standard disclosure re cash distributions (including those reinvested under the DRIP). For the purposes of determining the adjusted cost base to a Holder when a Unit is acquired, whether as a Unit acquired pursuant to the DRIP or otherwise, the cost of the newly acquired Unit will be averaged with the adjusted cost base of all the Units owned by the Holder. The cost of the Units acquired by reinvestment of distributions pursuant to the DRIP will be the amount of such reinvestment.

Full summary under Offerings - REIT and LP Offerings.

Distributions

91% of distributions for 2013 (at an estimated monthly rate, following the initial distribution for most of the balance of 2013 of $0.6875 per unit) are estimated to be tax-deferred. Such distributions are estimated to approximate 93% of AFFO. Under an FX hedging arrangement, an arm's length counterparty will agree to exchange euros for Canadian dollars on a monthly basis at an agreed exchange rate. The DRIP will use 3% bonus distributions.

Full summary under Offerings - Cross-Border REITs.

Distributions

Based on an anticipated AFFO payout ratio of 90%, it is anticipated that 100% and 55% of 2012 and 2013 monthly distributions, respectively, will be tax deferred. Participants electing to receive cash distributions in units under the distribution reivestment and unit purchase plan will receive a further "bonus" distribution equal to 3% of the amount of each reinvested distribution - which also will be reinvested.

Amounts received in excess of REIT income, including the further bonus distribution received under the DRIP, will not be included in a unitholder's income for Canadian tax purposes.

Full summary under Offerings - Domestic REITs.

Distributions

Expected to be $.06667 per unit per month (45% tax deferred for 2012), representing approx. 90% of AFFO (i.e., 90% of $.89 p.a.) including interest on the exchangeable notes. A DRIP with 4% bonus distributions, with the right to make additional optional cash purchases of up to $250,000 per year. Where the Canadian taxable income is not otherwise fully distributed in a year, additional units will be issued.

Full summary under Offerings - Foreign Asset Income Funds and LPs.

Description of Plan

Participants may purchase additional Common Shares by automatically reinvesting cash dividends from treasury or through open market purchases. If from treasury, they purchases can be at a discount determined by the Company of up to 5% (currently 3%) to the weighted average trading price for all trades of Common Shares on the Toronto Stock Exchange for the five board-lot trading immediately preceding the dividend payment date.

Canadian tax consequences

Including that: the issuance of Common Shares at the discount of up to 5% to the average market price will not give rise to a taxable benefit and that a participant should not realize taxable income when receiving a certificate for Common Shares credited to their account; and that receipt of cash in lieu of a fractional share could give rise to withholding tax.

Description of Plan

At the election of the Company (which is expected to pay quarterly dividends), Common Shares acquired by its Agent under the its dividend reinvestment program pursuant Plan (which was adopted on February 16. 2023) can be acquired from treasury or purchased on the open market. At its discretion, Common Shares may be purchased in a treasury acquisition at a discount of up to 5% of the “average market price,” with such discount to be determined by the Company from time to time in its sole discretion and announced by way of press release. As of the date of this prospectus, the discount is set at 3%. The “average market price” is, in the case of a treasury acquisition, the volume weighted average price of the Common Shares (denominated in the currency in which the Common Shares trade on the applicable stock exchange) traded on the NYSE American LLC (“NYSE American”) on the five trading days preceding the applicable dividend payment date, less any applicable discount. Common Shares acquired through market acquisitions will be purchased at the prevailing trading prices, and for purposes of determining the price of Common Shares purchased under the plan in the case of a market acquisitions the Agent will apply the average price paid (excluding brokerage commissions, fees and all transaction costs) per Common Share purchased by the Agent for all Common Shares purchased in respect of a dividend payment date under the Plan.

Canadian tax consequences

Including that: the issuance of Common Shares at the discount of up to 5% to their FMV will not give rise to a taxable benefit and that a participant should not realize taxable income when receiving a certificate for Common Shares credited to their account; and that Finance had not yet confirmed that the NYSE American (reflecting a redesignation of the NYSE MKT) was a designated stock exchange.

Overview

The Trust is the largest diversified closed-end investment fund in Canada. It is listed on the TSX. It is proposed that its Declaration of Trust be amended, subject to the approval of Unitholders, to give the Manager the specific authority to amend the Plan by adding the Premium Distribution Component to the Plan. This would entail units being issued at a 5% discount, but with provision for immediate cash sale at 102% of their cost.

Description of Plan

It is anticipated that the amended Plan, would permit Unitholders at their option and through the Plan Agent (expected to be Alliance Trust Company), to either (i) reinvest their distributions in new Units at a discount of up to 5% to the average market price of the Units on the TSX (the "Average Market Price", on the applicable distribution payment date under the distribution reinvestment component of the Plan and have such new Units credited to the participant's account, or (ii) reinvest their distributions in new Units at a 5% discount to the Average Market Price on the applicable distribution payment date under the Premium Distribution Component, which new Units will be disposed of through the plan broker (expected to be Canaccord Genuity Corp.) in exchange for a cash payment equal to 102% of the reinvested distributions.

Optional cash payment

In addition, the Manager proposes, concurrently with the amendments, to allow the optional cash payment available to be made by participants in the Plan at the time of each distribution date to increase from $1,000 to $10,000 and Units purchased under the optional cash payment to be made at a discount of up to 5% of the Average Market Price of such Units.

Canadian tax consequences

A description of Canadian federal income tax considerations will be set forth in the amended version of the Plan.A description of certain Canadian federal income tax considerations will be set forth in the amended version of the Plan, which should be review3ed by Unitholders wishing to participate in the Plan