Cominar Real Estate Investment Trust 2020 Annual Information Form 1 Cominar Real Estate Investment Trust 2020 Annual Information Form Table of Contents PART 1 – Date of Annual Information Form ...................................................................................................................................................................... 6 PART 2 – Cominar’s structure ........................................................................................................................................................................................... 6 PART 3 – General Development of the Business ............................................................................................................................................................... 6 3.1 Overview of Cominar ................................................................................................................................................................................................ 6 3.2 Objectives and Strategy ............................................................................................................................................................................................ 7 3.3 Three-Year History .................................................................................................................................................................................................... 7 PART 4 – Description of the Business .............................................................................................................................................................................. 9 4.1 Investment Guidelines and Operating Policies ........................................................................................................................................................ 9 4.2 Borrowing ................................................................................................................................................................................................................ 12 4.3 Employees .............................................................................................................................................................................................................. 13 4.4 Operating Revenues................................................................................................................................................................................................ 13 4.5 Investments in Joint Ventures ............................................................................................................................................................................... 13 4.6 Social Responsibility, Environmental Management and Policies .......................................................................................................................... 14 PART 5 – Properties ....................................................................................................................................................................................................... 16 5.1 Overview of the Portfolio ........................................................................................................................................................................................ 16 5.2 Description of Cominar’s 10 Major Properties in Terms of Value as at December 31, 2020 ............................................................................... 19 PART 6 – Contract of Trust ............................................................................................................................................................................................. 21 PART 7 – Risk Factors .................................................................................................................................................................................................... 24 7.1 Risk Factors Related to Cominar’s Business ......................................................................................................................................................... 24 7.2 Risk Factors Related to the Ownership of Units .................................................................................................................................................... 28 7.3 Risk Factors Related to the Ownership of Senior Debentures............................................................................................................................... 30 PART 8 – Distributions .................................................................................................................................................................................................... 31 8.1 General .................................................................................................................................................................................................................... 31 8.2 Computation of Distributable Income for Distribution Purposes .......................................................................................................................... 31 8.3 Computation of Net Realized Capital Gains and Net Recapture Income .............................................................................................................. 32 8.4 Tax Deferral on 2020 Distributions ........................................................................................................................................................................ 32 8.5 Distributions during the Last Three Fiscal Years ................................................................................................................................................... 32 PART 9 – Capital Structure ............................................................................................................................................................................................. 32 9.1 General Description of Capital Structure ............................................................................................................................................................... 32 9.2 Issuance of Units .................................................................................................................................................................................................... 32 9.3 Unitholders Rights Plan of Cominar ....................................................................................................................................................................... 33 9.4 Take-Over Bid .......................................................................................................................................................................................................... 33 9.5 Restrictions on the Issue and Transfer of Units .................................................................................................................................................... 34 9.6 Normal Course Issuer Bid ...................................................................................................................................................................................... 34 9.7 Equity Incentive Plan .............................................................................................................................................................................................. 34 9.8 Credit Ratings ......................................................................................................................................................................................................... 34 PART 10 – Distribution Reinvestment Plan ..................................................................................................................................................................... 35 PART 11 – Market for Cominar’s Securities .................................................................................................................................................................... 36 11.1 Market for Units ...................................................................................................................................................................................................... 36 11.2 Market for Senior Debentures ................................................................................................................................................................................ 36 PART 12 – Trustees and Officers of Cominar ................................................................................................................................................................. 36 12.1 Information Concerning Trustees .......................................................................................................................................................................... 36 12.2 Information Concerning Non-Trustee Officers ...................................................................................................................................................... 38 12.3 Independence ......................................................................................................................................................................................................... 38 12.4 Audit Committee ....................................................................................................................................................................................................