Office Development Opportunity East Village - an Urban Village Block Q Calgary, AB

Q Office Development Opportunity Block Q East Village - An Urban Village Block

Under Offer Q Block | 2 Q Office Development Opportunity East Village - An Urban Village Block Q Calgary, AB. Canada Block

TABLE OF CONTENTS

SECTION I The Offering...... 6

SECTION II The Project and Opportunity...... 14

SECTION III Market Overview...... 24

SECTION IV Transaction Guidelines...... 32

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Q Block | 3 Q Block | 4 VIEW OF THE SOUTH-WEST CORNER

Q Block | 5 SECTION I THE OFFERING

Jones Lang LaSalle has been exclusively retained by ownership to market the Q Block Office Development in the master-planned, urban redevelopment of East Village in downtown Calgary. This offering represents an exceptional opportunity to either acquire on a forward sale basis, or to participate in a joint venture to develop the office and retail components of this mixed use project.

• Q Block is the office and retail component in a mixed use development, that at full build-out will consist of 4 buildings built over two phases. • Phase 1 consists of 2 buildings (Q1 and Q2) which share an underground parking structure. • Phase 1 of the development is scheduled to begin construction in the 1st Quarter of 2015 with scheduled occupancy in early 2017.

• Q2 – 7-storey office building with retail at grade (office/retail component is 130,200 sq. ft.)

JOINT VENTURE PURCHASE 1 OPPORTUNITY 2 OPPORTUNITY

- Participate on a 50/50 joint venture with FRAM+Slokker - Forward sale of Q2 office/retail properties (vacant shell to build, lease, and own Q2 (retail/office), and associated space) and associated underground parking stalls. underground parking stalls.

Q Block | 6 AERIAL VIEW OF BLOCK DEVELOPMENT

Q2 OFFICE / RETAIL

RESIDENTIAL

OFFICE

RETAIL

Q Block | 7 INVESTMENT HIGHLIGHTS

VIBRANT & GROWING CITY - Calgary is the heart of the energy sector in Canada and has a disproportionately large amount of head offices per capita. It is a powerhouse in terms of job, population and income growth, and is greatly outpacing other major North American cities in terms of housing starts, household incomes, and ability to attract and retain corporate head offices.

- Calgary is a dynamic city that is growing quickly and shifting its identity from small prairie city to a cosmopolitan centre that is a major player in both North America and the global economy.

ECONOMIC POWERHOUSE - Calgary is Canada’s fourth largest city at 1.2M people, and has a medium-growth projected population of 1.45M by 2017. - Calgary boasts the highest personal income per capita at $58,314, far above the Canadian average of $36,138. - Calgary had the third highest employment growth in 2013 at 2.9%, and the second lowest unemployment rate, at 4.9%. - GDP growth is expected to lead the country for 2014 at 3.4%, and is projected to continue leading the country through to 2017.

EAST VILLAGE - East Village is a mixed-use, master-planned urban village that will be unique to the City of Calgary. East Village is in a state of urban revitalization which began in 2007, and has seen over $325 million in infrastructure improvements and commitments levied from a Tax Increment Financing model. Improvements range from raising roads out of the flood- plain, to providing upgraded district energy and energy-efficient lighting, and using resilient and beautiful materials for sidewalks, roads and park spaces. Calgary Municipal Land Corporation (“CMLC”) has created a high quality public realm for new residents and everyone to live, work and play in.

- East Village will be connected to Stampede Park and the Beltline via the 4th Street Underpass, and the neighbourhood will be home to Calgary’s New Central Library, the National Music Centre, and beautiful and useable riverfront parks connected to high quality park space on St Patrick’s Island.

- Construction has already begun on two major mixed-use residential projects that will provide more than 600 river-view condominiums. Once fully built-out, East Village is expected to be home to approximately 11,500 people. Three phases of RiverWalkTM, a pedestrian/bike path on the banks of the Bow River, have opened the riverfront from Centre Street to the Simmons Building. Municipal, Provincial and Federal funding has been secured for the construction of the National Music Centre around the site of the historic King Eddy Hotel and construction commenced in February 2013. A major public art program will bring significant installations to the community, and East Village has set its sights to be the centre of arts and culture in the city.

EXCELLENT OFFICE & RETAIL MARKET - Current projections show that by 2016, Calgary’s downtown will be the second largest downtown office inventory by size second only to Toronto. This will mean Calgary will have more downtown office inventory than Montreal which is currently has the second. This is a staggering fact considering Calgary has a population of approximately 1.2 million, versus Montreal’s 3.8 million in the metro.

- Calgary’s retail sales per capita are by far the highest for any major Canadian city at over $20,000 per annum, com- pared to the national average of $14,000 per annum.

Q Block | 8 CANTOS In May 2008, following a competitive bidding process, CMLC selected a partner for the project: Cantos Music Foundation, whose vision is to incorporate the King Eddy Hotel into the 160,000 sq. ft. National Music Centre (NMC) – an architectural icon that will straddle 4th Street SE. In 2010, restoration and environmental remediation work began in the hotel; and as part of the construction of NMC, interior/exterior restoration is ongoing. Construction of the NMC began in February 2013, with completion expected in late 2015. Getting the National Music Centre to select Calgary is a big step for the Arts and Culture industry for the city, and will have a major positive impact on this budding sector. It further serves to aid Calgary CANTOS as the city begins to evolve into an arts and culture hub in Canada.

CENTRAL LIBRARY The City of Calgary recently released the chosen site for the new Central Library which will be located one block east of City Hall and East Village. The library will serve Calgary’s growing population, the 120,000+ work- ers who travel downtown every day, and over 45,000 students attending educational institutions in Calgary.

The new building will provide approximately 286,000 sq. ft. of usable library space – 66% more than the existing downtown library. The new Central Library will be a multi-faceted family destination and gathering place with a physical collection of approximately 600,000 books, spe- cial programs and spaces for children and teens, a technology com- mons and laboratory for innovation, and a centre that supports inclusive CENTRAL LIBRARY community integration and advancement through skills development. It will be an integral part of the East Village and will be yet another destination drawing people from around the city into the neighbourhood.

RIOCAN URBAN RETAIL CENTRE In April 2013, RIOCAN – Canada’s largest Real Estate Investment Trust – purchased the former CPA lands (Gateway Block) in East Village for the purpose of developing a unique urban retail centre. Bounded by 5th and 6th Avenue and 3rd and 4th Street SE, the 2.75-acre site is slated for around 300,000 sq ft of retail space as well as office uses.

“We are excited about the opportunity the East Village development represents, and the chance to expand RioCan’s urban property portfolio into Western Canada,” said Edward Sonshine, CEO of RioCan. “Calgary is an important market to us and this urban shopping centre will provide an exciting shopping destination for new and existing residents in Calgary’s unique urban village.”

RIOCAN URBAN RETAIL CENTRE RIOCAN has indicated that grocery, home improvement and general merchan- dise are important retail categories for its East Village development. Lease ne- gotiations with several exciting prospective retailers and tenants are ongoing, while Loblaws has been confirmed as the first grocer in the East Village.

Q Block | 9 4TH STREET UNDERPASS After more than three years of planning and construction and an estimated 340,000 direct man hours, the $70 million 4th Street SE Underpass officially opened to traffic on November 1, 2011. The lighting installations are state-of-the-art, and provide an interesting focal point while entering the neighbourhood. It provides a much needed connection between the East Village with the Beltline and Stampede Park. This key infrastructure project makes it easier to get in and out of East Village while improving walkability and connectivity to nearby Inglewood, Downtown and Victoria Park. Once the build- out of East Village is complete, the underpass will accommodate an

4TH STREET UNDERPASS

HILTON GARDEN INN In April 2012, CMLC announced the third major land deal in East Village with USA-based Widewaters Group. The deal, which carries as estimated project value of $75 million, will see the commercial real estate development firm build a 303-room, dual branded Hilton Hotel situated at the corner of 7th Avenue and 4th Street SE.

The proposed East Village Hilton project is a 208,000 sq. ft., 14-storey, full service hotel with conference facilities that combine the brands of Hilton Garden Inn and Homewood Suites under one roof.

HILTON GARDEN INN

EVOLUTION BY EMBASSY BOSA In September 2012, Embassy BOSA broke ground on their first project called FUSE – the first new mixed-use project in the newly revitalized East Village. The first of Evolution’s three phases, FUSE brings 203 condominium units to River’s Edge. Evolution’s second phase – PULSE launched in May 2013. The entire project will be $300 million of mixed-use, multi-family residential development in the community. That equates to roughly 700,000 sq. ft. of new residential and retail product over five years, including 600 new residential units.

EVOLUTION BY EMBASSY BOSA

Q Block | 10 Q Block | 11 EAST VILLAGE DEVELOPMENT - THE RIFF BETWEEN THE K BLOCK

EAST VILLAGE DEVELOPMENT PRE-VISUALIZATION

Q Block | 12 CANTOS & KING EDDY

Q Block | 13 SECTION II THE PROJECT & OPPORTUNITY

EAST VILLAGE Created in 2007 as a wholly-owned subsidiary of The City of Calgary, Calgary Municipal Land Corporation (CMLC) is a for-profit, land development organization which was established to realize the Rivers District Revitalization Plan. The Rivers District Revitalization Plan which creates the framework to facilitate the reclamation, redevelopment and revitalization of Calgary’s east end of Downtown, east of Calgary Cit Hall called the East Village.

East Village sits on 49 acres on the eastern edge of downtown Calgary. The neighbourhood is bordered by the Bow River on the north, 9th Avenue SE on the south, 3rd Street SE on the west and by Fort Calgary on the east. Since 2007, East Village has been undergoing an exciting transformation, and is considered to be one of North America’s most ambitious urban redevelopment strategies in recent decades.

In 2009, CMLC unveiled the master plan for East Village which outlined a master-planned, mixed-use, amenity-rich community which would be home to 11,500 future residents in 3,900 condominium and townhome units. The community will offer key features found in popular urban neighbourhoods like pedestrian friendly streets, public gathering places, green spaces and parks, unique architecture and integration of the waterfront in the community.

Q Block | 14 THE DEVELOPMENT

In February 2011, CMLC inked a second major land development deal in East Village with Ontario-based FRAM Building Group and Slokker Real Estate Group (FRAM+Slokker). The team is enhanced with the addition of Tricon Capital Group Inc. – Canada’s leading provider of institutional capital for major residential development projects.

Valued at $300 million, the project (Q Block) will see approximately 600,000 sq. ft. of mixed-use, multi-family development in East Village. It will include four development parcels situated along the river’s edge and near Fort Calgary. The Verve and Q Block development is a very innovative, mixed-use development that will include rooftop amenity spaces, a high-quality pedestrian mall and plaza space, dissecting the block diagonally. It is a one of a kind project that will be a critically important block in the East Village. It has great connectivity to amenities in the Downtown and Inglewood, as well as direct access to newly improved park spaces on St Patrick’s Island and at Fort Calgary.

THE DEVELOPER

FRAM+Slokker have successfully partnered on real estate projects throughout North America for over 12 years. The developers have extensive experience conceiving and delivering award-winning urban developments with mixed-use, multi-residential projects across North America and Europe. For more information please visit: http://www.fram- homes.com

Developer FRAM+Slokker is a one of a few pioneers investing in the future of the East Village. The team’s initial offering, FIRST, was launched on River’s Edge in 2012 and is now 92% sold with construction underway. The project broke ground in February 2013, signaling the start of construction on 750 new homes in East Village.

Q Block | 15 PAST EXPERIENCE

SHOPS AT DON MILLS - TORONTO

This multi-use development will support the newly constructed 500,000+ s.f. Shops at Don Mills retail/office development of Cadillac Fairview. In partnership with Cadillac Fairview for the Residences at Don Mills, this development will add approximately 1100 residential units to an area of 35 acres (including the Shops of Don Mills) – which will include six new condominium buildings and a conversion of an office building into a condominium. Within the residential component, an additional 80,000 s.f. of retail/office will be added to the bases of those buildings.

The project flows from high density mid-rise on the periphery to a high rise condominium at the centre of the development. This development is anchored by a public park along the periphery and a privately owned public square that will become the centre of the urban village. The project has garnered significant ratepayer support for an intensification adding residential to redeveloped retail and office density, utilizing a long series of design workshops to achieve an agreed solution. The solution includes a public/private partnership in a 40,000 sq. ft. community centre. This project will require the creation of 8 condominium corporations, (7 residential and 1 commercial), with multiple facility sharing agreements including underground parking access and landscaping management. Parking structures provide residential, retail and municipal parking.

Q Block | 16 ATLANTIC CENTRE PLAZA - ATLANTA

500,000 SF CLASS “A+” LUXURY OFFICE TOWER • 24 floors, plus basement • 23,000+/- RSF per floor • Efficient floors with bay depths of 41 feet to 51 feet • Only four columns per floor • Natural stone and wood lobby • Rose-colored granite, architectural precast & high performance glass exterior • Georgia Power’s reliable, pure underground enhanced “Network Service” • On-site building amenities • Loading dock • 16 total elevators • 970 parking spaces

VISTA PLACE - VANCOUVER

Adjacent to City Hall and a regional Public Library, Vista Place is comprised of twin residential towers connected by a podium containing two-storey city homes with lush, landscaped roof terraces.

Designed to optimize views of the North Shore Mountains, Burrard Inlet and City of Vancouver skyline, Vista Place is known as the premier community in this desirable urban neighbourhood.

Achieved Silver LEED accreditation for sustainability.

Q Block | 17 Q Block Q Block

Q Block | 18 Q Block | 19 EAST VILLAGE MASTER PLAN

Q Block | 20 Q Block | 21 PROJECT SUMMARY

DEVELOPMENT PRO FORMA VALUATION ASSUMPTIONS

EQUITY REQUEST

Q Block | 22 TIMELINE

PHASE 2 PHASE 1 (Future Development) Not part of offering

BLOCK Q Q1 Q2 Q3 Q4 Total Q 24 storyes on a 6 HEIGHT 7 stories 8 storeys storey base SITE AREA (SQ. FT.) 34,445 29,063 23,681 129,168 (2.9 acres) FAR 4.6 8.4 3.7 4.7

BUILDING AREA TOTAL RESIDENTIAL AREA N/A TOTAL OFFICE AREA 120,500 TOTAL RETAIL AREA 9,700 TOTAL OFFICE & RETAIL 130,200

UNDERGROUND PARKING

RESIDENTIAL N/A OFFICE (PART OF OFFERING) 120 RETAIL (PART OF OFFERING) 10 VISITOR N/A

Total Parking (part of offering) 130

1st QUARTER 2nd QUARTER 3rd QUARTER 4th QUARTER 1st QUARTER 2nd QUARTER 3rd QUARTER 4th QUARTER 1st QUARTER 2014 2014 2014 2014 2015 2015 2015 2015 2016

BEGIN PROCESS

Land Use - ARP Amendment *Approved May 12th, 2014 Subdivision Approval

Development Permit Approval

FRAM CLOSES FRAM CLOSES ON Q1 ON Q2

Construction (Parkade and Q1 & Q2)

* * Q2 CLOSING * ANTICIPATED Q Block | 23 SECTION III MARKET OVERVIEW

CANADIAN OVERVIEW Global economic activity was stronger leading into the end of 2013, showing signs of growth and confidence that are projected to carry into 2014. The United States posted stronger than expected employment and income gains in the third quarter of 2013; consequently, the Federal Reserve trimmed its bond-buying program by $10.0 billion a month, from $85.0 billion to $75.0 billion. U.S. GDP growth is expected to accelerate into 2014; forecasts have improved, projected at 1.8% for 2013 and 2.5% for 2014. The unemployment rate stands at 6.7% following a dismal December, as lower than expected job growth numbers were reported for the month. The positive outlook for the U.S. in 2014 will be driven by the upturn in private consumption, residential construction and private investment; both neighboring countries, Canada and Mexico, are expected to benefit from these improved market conditions.

Excluding Brazil, the Eurozone CANADIAN GDP (2007 $ BILLIONS) was the weakest part of the global economy in the third quarter, growing only 0.1% quarter-over-quarter. Forecasts for the Eurozone’s GDP growth in 2014 and 2015, however, remain encouraging, at 0.9% and 1.6% respectively. The European Cen- tral Bank has set the interest rate at a record-low benchmark of 0.25% in order to stimulate the economy as downward pressure continues on the current 0.8% inflation rate, which stands 120 basis points below the 2.0% target rate. The Bank of Canada’s governor, Stephen Poloz, continued to hold the target overnight rate at 1.0%. This policy will remain in place if inflation remains mut- ed and imbalances in the household income to debt ratios continue to improve. CPI inflation rose 1.0% year-over- year for November, missing the target rate of 2.0% by 100 basis points. With inflation expectations well anchored, both core and total CPI inflation are expected to slowly return to the 2.0% rate.

Employment gains in 2013 were disappointing as Canada had the slowest December year-over-year growth rate since 2009, adding a merely 102,000 jobs or 0.6% over 12 months. Employment fell by 46,000 jobs in the month of December, increasing the unemployment rate by 0.3% to 7.2%. The Canadian GDP growth rate for 2013 has been adjusted to 1.8% and forecasts for 2014 have increased to 2.4%. Canadian growth in 2014 will be determined by the approval of key export pipeline projects. The oil and gas sector currently accounts for 25.0% of Canadian exports, and could expand if Canada gains access to the Asian market through the proposed pipeline projects along the West Coast and Atlantic Canada.

Q Block | 24 The Canadian economy is anticipated to benefit from the positive outlook on the United States in 2014. The cyclical recovery of the U.S and a possible softening of the Canadian dollar will allow Canada to benefit through exports. The Canadian dollar will likely fluctuate around the low to mid-90¢ (U.S) range in 2014; this is expected to increase foreign demand for Canadian exports and reduce Canada’s $120.0 billion non-commodity trade deficit.

U.S housing starts jumped to 1.1 million units annualized in November and is expected to increase to 1.4 million units by 2015. Construction starts for the Canadian housing market cooled down in 2013, slowing to 188,200 units. The outlook for 2014 shows housing starts further declining to 180,000 units; as several developers pull back projects to allow demand to catch up with supply, with Alberta being the exception.

ALBERTA MARKET OVERVIEW According to forecasts by RBC economics, Alberta will lead the country in real GDP with expected growth of 3.9% in 2014 and 3.5% in 2015. Capital investment into the already strong energy sector has been the driving force fueling Alberta’s economic activity. Approvals on proposals to build several key pipelines that are critical for Alberta to efficiently get oil and gas to market have yet to materi- alize, but progress does continue albeit slowly.

Alberta has seen a surge in manufacturing output, mostly to meet the needs of the energy sector domestically but also to supply the demand for machinery and other products tied to the oil and gas industry in the US and abroad.

The average Albertan has a considerably higher disposable income than their counterparts in other provinces, which in conjunction with low sales taxes have driven healthy retail sales growth. Alberta is going through another period of rapid population growth particularly in Calgary and Edmonton. This is driven not only from elevated levels of migrants from other provinces, but also from capturing a increasing percentage of Canada’s new incoming international immigrants.

ALBERTA PROJECTED POPULATION GROWTH

Q Block | 25 CALGARY ECONOMIC OVERVIEW Calgary’s economy has been on a roll, with over 4% GDP growth over the last 3 years. The devastating June floods of 2013 curbed GDP growth to 3.4%, but still Calgary outperformed other major Canadian cities. Recent forecasts suggest that Calgary and Edmonton will continue to outpace other major Canadian centres through to 2020-2021.

The flood of 2013 dampened housing starts and construction activity. Total number of housing units dropped by 5.6% in 2013, however 2014 will see a marked increase as the housing market is on excellent footing due to record in migration numbers and pent up demand. The forecast for 2014 is expected to beat 2007 numbers at over 13,200 units.

Calgary’s new Municipal Development Plan (MDP) adopted by City Council in 2011, is beginning to have significant impacts on the nature of development in Calgary. The MDP goals are to create a better framework for sustainable development to take Calgary from 1,406,090 in 2012, to a projected 2,347,246 residents in 2041. With the MDP set in motion, Calgary is beginning to move from being a monocentric city of suburban bedroom communities and an active Central-Business District (CBD), to a polycentric city with many nodes to live, work, and play in, that are dense and connected by high-quality public transit systems. With a relatively strong economy and lower unemployment rates in Alberta in comparison to other provinces in Canada, many Canadians have been relocating to Calgary for work. Incoming Canadians from other parts of the country, and an increasing share of new immigrants puts an increasing pressure on municipal government in Calgary to have effective GDP (% CHANGE) long-term strategies for guiding future growth and change, critical infrastructure projects like the Southeast and North-Central LRT projects, and the Southwest ring road are critical to future prosperity.

RING ROAD MAP

HOUSING STARTS (BY TYPE)

RETAIL SALES (% CHANGE)

Q Block | 26 OFFICE MARKET OVERVIEW After a fairly sluggish 2013, the year ended with the announcement of JLL PROPERTY CLOCK approximately 3.3 million sq. ft. of forward leasing activity (Figure “A”) which will greatly benefit the downtown market in 2017. While we are showing that the Calgary market is currently is in somewhat of decline on our Property Clock (Figure “B”.), it is the kind of commitment mid and large cap tenants have to the long term future of Calgary, and Alberta, that can radically change a landscape in a very short period of time.

It is not uncommon in Calgary for the office leasing market to experience rapid swings from a “Falling Market” to a “Rising Market” as illustrated around our Clock. Over the past 10 years, Calgary has witnessed how short downward cycles can be, with longest negative RAPID trend being barely one year (Figure “C”). SWING

FIGURE “A” RECENT DEALS With approximately 7 million sq. ft. of office space across the city projected to be com- pleted over the next five years, we are fore- casting an increase of 11% to the citywide inventory. As we focus in on the CBD and Beltline, there are 8 buildings that are or will be coming on-line between late 2014 and 2017. At this time, roughly 72% of this new inventory is spoken for and many of the projects are substantially full.

FIGURE “B”

THIRDThird CONSECUTIVE consecutive QUARTER quarter WITH with NEGATIVE negative net absorption in NETDowntown ABSORPTION INCalgary DOWNTOWN CALGARY QUARTERLYQuarterly 2004 2004 - 2013- 2013

Net absorption 1,500,000 Eleven consecutive quarters of positive absorption 1,000,000

500,000

-500,000

-1,000,000

Source: JLL Canada Research FIGURE “C”

1 Q Block | 27 While this new inventory will most certainly cause a short term rise in vacancy rates (Figure “D”) through the forecast period, with the very moderate absorption we are modelling over the next several years, we expect vacancy rates to stay at, or below structural vacancy. Calgary is, and will continue to be a dynamic and vibrant market and projects such as Q Block are integral to meeting the demand of both mid and large cap occupiers of space.

DOWNTOWN CALGARY FORECAST 2014 - 2018

FIGURE “D”

Beyond all of the speculation in the market regarding Keystone and Gateway, there are some funda- PROJECTED OIL SANDS mental growth drivers one should consider when INVESTMENT IN ALBERTA evaluating mid-term demand for office space.

Alberta is at the beginning of a shift in how it in- vests its E&P dollars. Thus far, most of the invest- ments have been coming in the form of capital expenditures while major infrastructure projects continue to be built. This form of investment has been a key contributor to Alberta’s growth to date but is typically more focused on the “shorter term” delivery of projects. What we are beginning to see is a significant shift from capital expenditures to more operational expenditures as shown in Figure “E”. This shift is meaningful as the out- comes will generate even more net migration to Alberta, and by default to Calgary, as employers FIGURE “E” need to hire more permanent staff to help deliver product to market – in particular through the 2017 to 2019 “transition” period. The longer term benefit of this is shown over time as these operating expenditures are more significant and remain stable for a much longer period of time.

Q Block | 28 Q Block | 29 CALGARY SKYLINE REVIEW

Available

Unavailable

Q Block | 30 Q Block | 31 TRANSACTION GUIDELINES

CALL FOR OFFERS Q BLOCK OFFICE DEVELOPMENT CALGARY, AB (“THE PROPERTY”) MUNICIPAL ADDRESS AND LEGAL DESCRIPTION: TBD

We are requesting submission of offers on one of the two options below: 1 JOINT VENTURE OPPORTUNITY 2 PURCHASE OPPORTUNITY - Participate on a JV 50/50 basis with FRAM+Slokker to build, - Forward sale of Q2 office/retail lease, and own Q2 (retail/office), and associated properties (vacant shell space) and associated underground parking stalls. underground parking stalls.

Please submit all offers to the attention of [email protected] and/or [email protected]

FRAM + SLOKKER C/O JONES LANG LASALLE ATTN: CHRIS CHORNOHOS/DAVID LEES 300, 129 8 AVENUE SW CALGARY, ALBERTA T2P 1B4 CANADA

All offers must be in writing and include the following:

IDENTIFICATION OF PURCHASER: CONDITIONS PRECEDENT TO CLOSING: Identity of the Purchaser, be it an individual or The offer should identify anticipated conditions corporation precedent to closing PRICE: OTHER INFORMATION: Please state the offering price in Canadian dollars Please furnish any additional information you feel CAPITAL: would help demonstrate to the Vendor your ability Please state the source of purchasers’ capital to close on this transaction (including all equity and any debt) BINDING OFFER: DEPOSIT: The Offer should be in the form of a legal and Please state the amount(s) of purchaser earnest binding offer money deposit(s) and when they will be deployed TIMELINE AND CLOSING DATE: An electronic data room has been set-up contain- Please provide an outline of the proposed sched- ing all relevant information on the Property and ule for due diligence and closing access is provided based on receipt of a signed CONTINGENCIES: Confidentiality Agreement Please include a list of any contingencies, including internal and/or committee approvals required Questions regarding this offering should be submit- to close the transaction ted to either of the representatives listed above.

Q Block | 32 NOTES

Q Block | 33 NOTES

Q Block | 34 NOTES

Q Block | 35 Q Block Q Block

Chris Chornohos*, AACI, MRICS David Lees* Rick C. Urbanczyk* Vice President, Investment & Land Sales Senior Associate Senior Vice President +1 403 456 5582 +1 403 456 5581 +1 403 456 5579 [email protected] [email protected] [email protected]