ANNUAL INFORMATION FORM For the Year Ended December 31, 2008 Dated March 10, 2009 PRIMARIS RETAIL REAL ESTATE INVESTMENT TRUST ANNUAL INFORMATION FORM TABLE OF CONTENTS FORWARD-LOOKING STATEMENTS ............................................................................................................... 1 CORPORATE STRUCTURE ............................................................................................................................ 1 INTERCORPORATE RELATIONSHIPS.............................................................................................................. 2 GENERAL DEVELOPMENT OF THE BUSINESS.................................................................................................. 3 Three Year History ................................................................................................................................. 3 Sequence of property acquisitions ............................................................................................................ 4 DESCRIPTION OF THE BUSINESS ................................................................................................................. 6 DESCRIPTION OF THE EXISTING PROPERTIES ............................................................................................... 7 Geographic Diversification..................................................................................................................... 10 Lease Expiries ..................................................................................................................................... 10 Largest Tenants ................................................................................................................................... 11 The Properties ..................................................................................................................................... 11 Enclosed Centres ............................................................................................................................. 11 Aberdeen Mall ............................................................................................................................. 11 Cornwall Centre........................................................................................................................... 12 Dufferin Mall ............................................................................................................................... 14 Eglinton Square Shopping Centre................................................................................................... 15 Grant Park Shopping Centre.......................................................................................................... 16 Heritage Place Shopping Centre..................................................................................................... 18 Lambton Mall .............................................................................................................................. 19 Midtown Plaza Shopping Centre..................................................................................................... 20 Northland Village Mall and Northland Village Shoppes....................................................................... 21 Orchard Park Shopping Centre ...................................................................................................... 23 Park Place Shopping Centre .......................................................................................................... 24 Place d’Orleans............................................................................................................................ 26 Place du Royaume ....................................................................................................................... 27 Place Fleur de Lys ........................................................................................................................ 28 Stone Road Mall .......................................................................................................................... 30 Other Properties .............................................................................................................................. 31 Alliston Mills................................................................................................................................ 31 Edinburgh Market Place ................................................................................................................ 32 Forest Glen Shopping Centre......................................................................................................... 32 Garden City Square...................................................................................................................... 33 Northland Professional Centre ....................................................................................................... 34 Northland Village Shoppes ............................................................................................................ 34 South Cambridge......................................................................................................................... 34 Sugarloaf Mall ............................................................................................................................. 35 Tillsonburg Gateway Centre .......................................................................................................... 36 Toronto Properties ....................................................................................................................... 36 Westbank Shopping Centre ........................................................................................................... 37 DECLARATION OF TRUST AND DESCRIPTION OF UNITS ................................................................................ 37 General .............................................................................................................................................. 37 Units and Special Voting Units ............................................................................................................... 38 Meetings of Voting Unitholders .............................................................................................................. 39 Purchases of Units................................................................................................................................ 39 Redemption Right ................................................................................................................................ 39 Take-Over Bids.................................................................................................................................... 41 Issuance of Units and Exchangeable Units............................................................................................... 42 Limitation on Non-Resident Ownership ................................................................................................... 43 Information and Reports ....................................................................................................................... 44 Amendments to Declaration of Trust ...................................................................................................... 44 CONVERTIBLE DEBENTURES...................................................................................................................... 45 Convertible Debentures – Series 1 ......................................................................................................... 45 Convertible Debentures – Series 2 ......................................................................................................... 45 2 NORMAL COURSE ISSUER BID ................................................................................................................... 46 STABILITY RATING OF THE UNITS.............................................................................................................. 46 INDEBTEDNESS AND OTHER OBLIGATIONS................................................................................................. 47 UNITHOLDER RIGHTS PLAN....................................................................................................................... 47 RISK FACTORS ........................................................................................................................................ 48 INVESTMENT GUIDELINES AND OPERATING POLICIES ................................................................................. 53 Investment Guidelines .......................................................................................................................... 53 Operating Policies ................................................................................................................................ 56 Amendments to Investment Guidelines and Operating Policies................................................................... 58 DISTRIBUTION POLICY AND HISTORY ........................................................................................................ 59 General .............................................................................................................................................. 59 Tax Deferral on Distributions ................................................................................................................. 59 Distribution Reinvestment Plan .............................................................................................................