CALLOWAY REAL ESTATE INVESTMENT TRUST

CALLOWAY REAL ESTATE INVESTMENT TRUST Supplemental Information Package For the three months ended March 31, 2009 Calloway Real Estate Investment Trust 700 Applewood Crescent, Suite 200 Vaughan, ON, L4K 5X3 Tel: (905) 326-6400 Fax: (905) 326-0783 www.callowayreit.com

Index General Information...2 Distribution Reinvestment Plan...3 Distribution History...3 Average Unit Trading Price...4 Average Daily Volume of Units Traded...4 Market Capitalization Summary...4 Annualized Gross Rental Revenue by Province...5 Area by Province...5 Individual Property Summary...6 Top 25 Tenants by Gross Rental Revenue...12 Lease Expiration Schedule...13 Area by Age...14 Future Earnouts and Developments...15 Committed Earnouts and Developments...15 Mezzanine Loans and Other Mortgage Receivables...16 List of Figures Figure 1: Annualized Gross Revenue by Province...5 Figure 2: Area by Province...5 Figure 3: Area by Age...14 1

General Information Stock Exchange Listing: The Toronto Stock Exchange (TSX) Trading Symbols: Trust Units CWT.UN 6.00% Convertible Debentures CWT.DB 6.65% Convertible Debentures CWT.DB.A Corporate Office: Calloway Real Estate Investment Trust 700 Applewood Crescent, Suite 200 Vaughan, ON, L4K 5X3 Canada Tel: (905) 326-6400 Fax: (905) 326-0783 Senior Management: Simon Nyilassy President, Chief Executive Officer Bart Munn Chief Financial Officer Rudy Gobin Executive Vice President Asset Management Transfer Agent & Registrar: Computershare Share Trust Company of Canada 100 University Avenue, 9 th Floor Toronto, ON, M5J 2Y1 Auditor: PricewaterhouseCoopers LLP 5700 Yonge Street, Suite 1900 Toronto, Ontario, M2M 4K7 Legal Counsel: Shea Nerland Calnan LLP 715 5 th Avenue SW, Suite 2800 Calgary, AB, T2P 2X6 2

Distribution Reinvestment Plan Unitholders who elect to participate will have their monthly cash distributions automatically reinvested in units of Calloway at a price equal to 97% of the average TSX market price over the 10 business days preceding the monthly distribution date. Calloway s DRIP will be administered by Computershare Trust Company of Canada. Interested unitholders can also obtain an information package and the necessary registration forms from, or direct any inquiries/concerns regarding the DRIP to, Computershare Trust Company of Canada via telephone at 1-800-564-6253 or via mail at: Calloway Real Estate Investment Trust c/o Computershare Trust Company of Canada 100 University Avenue, 9 th Floor Toronto, ON, M5J 2Y1 Canada Attention: Dividend Reinvestment Department Distribution History Per unit, paid monthly 2009 2008 January 0.12900 0.12900 0.12500 0.12083 0.10500 February 0.12900 0.12900 0.12500 0.12083 0.10500 March 0.12900 0.12900 0.12500 0.12083 0.10500 April 0.12900 0.12500 0.12083 0.11333 May 0.12900 0.12500 0.12083 0.11333 June 0.12900 0.12500 0.12083 0.11333 July 0.12900 0.12500 0.12083 0.11333 August 0.12900 0.12900 0.12083 0.12083 September 0.12900 0.12900 0.12500 0.12083 October 0.12900 0.12900 0.12500 0.12083 November 0.12900 0.12900 0.12500 0.12083 December 0.12900 0.12900 0.12500 0.12083 TOTAL 0.38700 1.54800 1.52000 1.46664 1.37247 2007 2006 2005 3

Average Unit Trading Price 2009 2008 1 st Quarter 10.98 21.20 28.51 25.50 18.64 2 nd Quarter 21.09 26.79 24.42 20.06 3 rd Quarter 19.56 24.44 25.58 23.27 4 th Quarter 11.87 23.84 28.34 23.25 YTD/Annual 10.98 18.11 26.18 26.07 21.93 Closing trading price at end of period 2007 2006 2005 9.99 11.35 24.49 27.60 23.74 Average Daily Volume of Units Traded 2009 2008 2007 2006 2005 1 st Quarter 153,794 231,407 269,250 176,988 60,368 2 nd Quarter 183,995 156,682 149,869 67,421 3 rd Quarter 166,188 168,494 116,682 114,186 4 th Quarter 240,679 188,645 181,950 129,654 YTD/Annual 153,794 205,379 196,168 156,511 92,789 Market Capitalization Summary Date Total Units Share Price per Unit Market Capitalization Outstanding (1) March 31, 2009 95,714,873 9.99 956,191,581 December 31, 2008 95,287,116 11.35 1,081,508,767 December 31, 2007 92,224,460 24.49 2,258,577,025 December 31, 2006 90,211,477 27.60 2,489,836,765 December 31, 2005 69,549,090 23.74 1,651,095,397 (1) includes Calloway Limited Partnership Classes B and D LP units 4

Annualized Gross Rental Revenue by Province Annualized Gross Rental Revenue by Province 58.5% 9.6% 3.3% 3.5% 4.3% 14.3% 1.0% 1.4% 0.6% 3.5% British Columbia Alberta Saskatchewan Manitoba Ontario Quebec New Brunswick Nova Scotia Prince Edward Island Newfoundland Figure 1: Annualized Gross Revenue by Province Area by Province Area by Province 60% 50% 40% 30% 20% 10% 0% British Columbia Alberta Saskatchewan Manitoba Ontario Quebec New Brunswick Nova Scotia Prince Edward Island Newfoundland Figure 2: Area by Province (21,821,392 sq. ft.) Note: includes discontinued operations 5

Individual Property Summary (March 31, 2009) Asset Location Occupancy % Owned Rentable Area Owned Rentable Non-Owned Anchors and Major Tenants Retail Properties British Columbia Courtenay SmartCentre Courtenay, BC 100.00 243,372 106,642 - Wal-Mart, Winners, Staples, Future Shop, Petland, Sport Mart, RBC Cranbrook SmartCentre Cranbrook, BC 100.00 136,626 107,158 185,556 Wal-Mart, Real Canadian Superstore*, Home Hardware* Dawson Creek SmartCentre (2)(3) Dawson Creek, BC n/a - - 86,029 Wal-Mart* Kamloops SmartCentre Kamloops, BC 100.00 217,252 128,609 - Wal-Mart, Michaels, Lordco Auto Parts, Pier 1 Imports Langley SmartCentre Langley, BC 100.00 327,177 237,586 172,161 Wal-Mart, Home Depot*, Save-on-Foods*, Home Outfitters New Westminster SmartCentre New Westminster, BC 100.00 376,624 131,770 - Wal-Mart, Home Outfitters, Best Buy, Petcetera, Tommy Hilfiger Penticton Power Centre Penticton, BC 100.00 201,948 110,795 - Zellers, Staples, Winners, Petcetera, TD Canada Trust Prince George SmartCentre Prince George, BC 99.32 254,074 133,020 204,247 Wal-Mart, Home Depot*, Canadian Tire*, Michaels, Petland, RBC Quesnel SmartCentre (2) Quesnel, BC n/a - - 82,316 Wal-Mart* Salmon Arm SmartCentre** (2) Salmon Arm, BC n/a - - - Wal-Mart (4) Surrey West SmartCentre Surrey, BC 100.00 183,298 133,943 - Wal-Mart, Dollar Giant, Sleep Country, Reitmans Vernon SmartCentre Vernon, BC 100.00 200,204 107,655 50,300 Wal-Mart, Rona*, Future Shop, Value Village, Sleep Country Subtotal British Columbia 99.92 2,140,575 1,197,178 780,609 Alberta Calgary Southeast SmartCentre Calgary, AB 100.00 215,301 169,079 - Wal-Mart, London Drugs, Mark's Work Wearhouse, Reitmans Edmonton Northeast SmartCentre Edmonton, AB 98.36 227,059 130,718 - Wal-Mart, Michaels, Mark's Work Wearhouse, Moores, Reitmans Lethbridge SmartCentre Lethbridge, AB 92.32 332,367 206,872 95,000 Wal-Mart Supercentre, Home Depot*, Ashley Furniture, Moores St. Albert SmartCentre St. Albert, AB 100.00 249,669 197,236 91,737 Wal-Mart Supercentre, Save-on-Foods*, Totem*, Sleep Country Subtotal Alberta 97.14 1,024,396 703,905 186,737 Saskatchewan Regina East SmartCentre Regina, SK 100.00 370,735 255,960 218,681 Wal-Mart, Real Canadian Superstore*, Rona*, HomeSense Regina North SmartCentre Regina, SK 100.00 221,894 170,498 - Wal-Mart, IGA, Mark's Work Wearhouse, TD Canada Trust Saskatoon South SmartCentre Saskatoon, SK 100.00 285,532 158,209 98,395 Wal-Mart, Home Depot*, The Brick, Golf Town, Petland, Dollarama Subtotal Saskatchewan 100.00 878,161 584,667 317,076 6

Manitoba Asset Location Occupancy % Owned Rentable Area Owned Rentable Non-Owned Anchors and Major Tenants Kenaston Common SmartCentre Winnipeg, MB 100.00 173,270 98,570 146,000 Rona, Costco*, Indigo Books, Golf Town, Petland, HSBC, RBC Winnipeg Southwest SmartCentre Winnipeg, MB 98.77 491,058 252,572 95,000 Wal-Mart, Home Depot*, Safeway, Home Outfitters, HomeSense Winnipeg West SmartCentre Winnipeg, MB 100.00 287,706 171,146 75,240 Wal-Mart, Canadian Tire*, IGA, Winners, Shoppers Drug Mart Subtotal Manitoba 99.36 952,034 522,288 316,240 Ontario Ancaster SmartCentre Ancaster, ON 95.77 235,807 163,794 51,268 Wal-Mart Supercentre, Canadian Tire*, Future Shop, Dollar Giant Aurora North SmartCentre** Aurora, ON 100.00 155,415 106,487 - Wal-Mart Supercentre, Boston Pizza, Reitmans, TD Canada Trust Aurora SmartCentre Aurora, ON 100.00 50,463-63,500 Canadian Tire*, Winners, Bank of Nova Scotia, Blockbuster Barrie North SmartCentre Barrie, ON 100.00 201,697 128,548 81,373 Wal-Mart, Zehrs*, Old Navy, Bonnie Togs, Addition-Elle, Reitmans Barrie South SmartCentre Barrie, ON 97.18 369,577 216,243 - Wal-Mart, Sobeys, Winners, Michaels, PetSmart, La-Z-Boy Bolton SmartCentre Bolton, ON 99.14 235,434 161,864 160,000 Wal-Mart Supercentre, Real Canadian Superstore*, L.C.B.O. Bramport SmartCentre Brampton, ON 94.37 60,205-155,179 Loblaws*, L.C.B.O., Dollarama, Swiss Chalet, Bank of Montreal Brampton East SmartCentre (I) Brampton, ON 100.00 35,777-218,332 Rona*, Canadian Tire*, The Beer Store, Kelsey's Brampton East SmartCentre (II) Brampton, ON 100.00 358,432 243,610 - Wal-Mart Supercentre, The Brick, Winners, Staples Brampton North SmartCentre Brampton, ON 90.71 41,505-62,496 Fortinos*, Shoppers Drug Mart Brockville SmartCentre Brockville, ON 100.00 88,584-380,370 Wal-Mart Supercentre*, Real Canadian Superstore*, Home Depot* Burlington (Appleby) SmartCentre (2) Burlington, ON n/a - - - Burlington North SmartCentre Burlington, ON 100.00 176,516 129,663 129,663 Wal-Mart, Reitmans, Moores, Penningtons, Bank of Nova Scotia Burlington Staples SmartCentre Burlington, ON 92.55 134,238 30,323 133,060 Home Depot*, Future Shop, Staples, Bad Boy Furniture, Sears Cambridge SmartCentre (I) Cambridge, ON 92.64 575,920 266,106 39,720 Wal-Mart, Reno Depot, Canadian Tire*, Staples, Michaels, Old Navy Cambridge SmartCentre (II) Cambridge, ON 74.88 32,068-95,000 Home Depot*, 2001 Audio Video, Henry's Photography Carleton Place SmartCentre Carleton Place, ON 100.00 148,607 115,811 - Wal-Mart Supercentre, Dollarama, Mark's Work Wearhouse Chatham SmartCentre** Chatham, ON 100.00 134,284 101,053 125,000 Wal-Mart Supercentre, Zehrs*, Winners, Mark's Work Wearhouse Cobourg SmartCentre Cobourg, ON 100.00 128,429 110,520 165,000 Wal-Mart, Home Depot*, Loblaws*, Swiss Chalet Dunnville SmartCentre (2) Dunnville, ON n/a - - 129,343 Wal-Mart*, Canadian Tire*, Sobeys* Etobicoke (Index) SmartCentre (2) Etobicoke, ON n/a - - - Etobicoke SmartCentre Etobicoke, ON 88.89 293,847 199,703 135,000 Wal-Mart, Home Depot*, Best Buy, Old Navy, Sport Mart Fort Erie SmartCentre (2) Fort Erie, ON n/a - - 140,142 Wal-Mart*, No Frills* Halton Hills SmartCentre (2) Halton Hills, ON n/a - - - Hanover SmartCentre Hanover, ON 100.00 19,874-175,314 Wal-Mart*, Loblaws*, Mark's Work Wearhouse, EasyHome Huntsville SmartCentre Huntsville, ON 100.00 120,254 84,861 68,837 Wal-Mart, Your Independent Grocer*, Dollar Giant, Kelsey's 7

Asset Location Occupancy % Owned Rentable Area Owned Rentable Non-Owned Anchors and Major Tenants Kapuskasing SmartCentre Kapuskasing, ON 100.00 65,592 61,087 - Wal-Mart, Reitmans Kenora Wal-Mart Centre Kenora, ON 100.00 80,881 80,881 58,496 Wal-Mart, Canadian Tire* Laurentian Power Centre Kitchener, ON 100.00 185,993 150,793 220,978 Zellers, Rona*, Zehrs*, Home Outfitters, Staples, CIBC London East Argyle Mall London, ON 97.85 353,490 162,101 - Wal-Mart, No Frills, Winners, Staples, Sport Chek, GoodLife Fitness London North SmartCentre** London, ON 94.02 236,044 131,469 108,262 Wal-Mart Supercentre, Canadian Tire*, Future Shop, Winners London Northwest SmartCentre London, ON 100.00 30,651 - - Boston Pizza, Montana's, Bank of Montreal, TD Canada Trust, RBC Markham Woodside SmartCentre (I)** Markham, ON 100.00 162,806 80,385 - Home Depot, Winners, Staples, Chapters, Petstuff, Michaels Markham Woodside SmartCentre (II)** Markham, ON 100.00 16,665-38,000 Longo's*, La-Z-Boy, L.C.B.O. Midland SmartCentre Midland, ON 95.41 35,594-188,528 Wal-Mart Supercentre*, Home Depot*, Mark's Work Wearhouse Milton Wal-Mart Centre** Milton, ON 100.00 64,464-212,626 Wal-Mart Supercentre*, Canadian Tire*, Staples, Bouclair, RBC Mississauga (Dixie and Dundas) Centre (2) Mississauga, ON n/a - - - Mississauga (Erin Mills) SmartCentre Mississauga, ON 98.47 276,017 171,973 - Wal-Mart, No Frills, GoodLife Fitness, Shoppers Drug Mart Westgate SmartCentre Mississauga, ON 100.00 529,508 350,125 115,000 Wal-Mart, Renot Depot, Real Canadian Superstore*, Toys R Us Napanee SmartCentre Napanee, ON 100.00 109,383 88,649 - Wal-Mart, Dollarama, Mark's Work Wearhouse, EasyHome Hopedale Mall Oakville, ON 96.24 309,211 150,989 - Zellers, Dominion (Metro), Shoppers Drug Mart, L.C.B.O., CIBC Orleans SmartCentre Orleans, ON 100.00 380,407 232,445 117,136 Wal-Mart Supercentre, Canadian Tire*, Home Outfitters, Future Shop Oshawa North SmartCentre Oshawa, ON 100.00 423,403 246,272 115,832 Wal-Mart, Loblaws, Home Depot*, Future Shop, Michaels Oshawa South SmartCentre** Oshawa, ON 100.00 149,137 110,515 - Wal-Mart Supercentre, Urban Barn, Moores, Reitmans, RBC Ottawa South SmartCentre** Ottawa, ON 98.79 243,064 140,762 - Wal-Mart, Loblaws, Cineplex Odeon, Future Shop, Winners, Staples Owen Sound SmartCentre Owen Sound, ON 96.70 157,831 105,963 131,000 Wal-Mart, Home Depot*, Penningtons, Dollarama, Reitmans Peterborough Home Outfitters Centre Peterborough, ON 100.00 58,355 32,927 - Home Outfitters, Jysk Linen 'N Furniture, Boston Pizza Pickering SmartCentre Pickering, ON 100.00 528,001 376,644 82,000 Wal-Mart, Sobeys, Canadian Tire*, Toys R Us, Winners, PetSmart Renfrew SmartCentre Renfrew, ON 100.00 9,471-163,192 Wal-Mart Supercentre*, Canadian Tire*, Mark's Work Wearhouse Rexdale SmartCentre Rexdale, ON 100.00 34,865-126,083 Wal-Mart*, Dollarama, Bank of Nova Scotia Rockland SmartCentre Rockland, ON 100.00 121,882 115,890 - Wal-Mart Supercentre, Boston Pizza Scarborough (1900 Eglinton) SmartCentre Scarborough, ON 100.00 292,422 214,477 - Wal-Mart Supercentre, Mark's Work Wearhouse, Bank of Montreal Scarborough East SmartCentre (I) Scarborough, ON 98.39 90,969-112,000 Home Depot*, Staples, Sears, Mark's Work Wearhouse, RBC Scarborough East SmartCentre (II) Scarborough, ON 100.00 281,242 225,385 - Wal-Mart Supercentre, Cineplex Odeon, L.C.B.O., Reitmans St. Catharines West SmartCentre (I) St. Catharines, ON 93.90 360,623 222,280 182,132 Wal-Mart, Real Canadian Superstore*, Canadian Tire*, Best Buy St. Catharines West SmartCentre (II) St. Catharines, ON 100.00 92,242 35,108 - The Brick, Michaels, Golf Town, Bouclair, Bulk Barn St. Thomas SmartCentre St. Thomas, ON 100.00 170,778 106,624 189,252 Wal-Mart, Real Canadian Superstore*, Canadian Tire*, Dollar Giant Stouffville SmartCentre Stouffville, ON 100.00 98,638 69,283 162,633 Wal-Mart Supercentre*, Canadian Tire, Dollarama, Boston Pizza 401 & Weston Power Centre** Toronto, ON 96.94 172,016 74,366 180,000 Real Canadian Superstore*, Canadian Tire, The Brick, Staples, CIBC 8

Asset Location Occupancy % Owned Rentable Area Owned Rentable Non-Owned Anchors and Major Tenants British Colonial Building Toronto, ON 100.00 17,428 - - Navigator Limited, Irish Embassy Pubs Inc. Leaside SmartCentre Toronto, ON 75.35 131,369 62,791 131,000 Home Depot*, Best Buy, Sobeys, L.C.B.O., The Sony Store Toronto Stockyards SmartCentre Toronto, ON 100.00 8,550-128,194 Wal-Mart*, Bank of Montreal, Citifinancial Westside Mall Toronto, ON 100.00 144,377 110,019 - Canadian Tire, Price Chopper, Shoppers Drug Mart, CIBC 400 & 7 Power Centre Vaughan, ON 90.63 238,168 110,620 100,000 The Brick, Home Depot*, Staples, Value Village, GoodLife Fitness Rutherford Village Shopping Centre Vaughan, ON 96.73 104,036 48,890 - Sobeys, Pharma Plus, TD Canada Trust Vaughan SmartCentre Vaughan, ON 100.00 269,755 260,755 - Wal-Mart Supercentre, Future Shop, Home Outfitters Welland SmartCentre Welland, ON 100.00 151,137 132,114 98,784 Wal-Mart, Canadian Tire*, Mark's Work Wearhouse, Dollar Giant Whitby North SmartCentre Whitby, ON 100.00 231,695 132,724 148,571 Wal-Mart, Real Canadian Superstore*, L.C.B.O., TD Canada Trust Whitby Northeast SmartCentre Whitby, ON 100.00 26,949 - - Boston Pizza, Bell World, RBC Windsor South SmartCentre Windsor, ON 95.58 230,356 129,121 - Wal-Mart, Part Source, Dollarama, Super Pet, Moores, CIBC Woodbridge SmartCentre** Woodbridge, ON 100.00 215,255 32,453 142,073 Canadian Tire*, Fortinos*, Best Buy, Toys R Us, Chapters Woodstock SmartCentre Woodstock, ON 100.00 216,281 130,387 93,333 Wal-Mart, Canadian Tire*, Staples, Mark's Work Wearhouse Subtotal Ontario 97.72 11,703,931 6,945,851 5,853,702 Quebec Drummondville SmartCentre Drummondville, QC 77.07 51,186-245,224 Wal-Mart*, Loblaws*, Mark's Work Wearhouse, Reitmans, CIBC Hull SmartCentre** Hull, QC 100.00 147,658 67,763 227,717 Wal-Mart, Rona*, Famous Players*, Super C*, Winners, Staples Kirkland SmartCentre Kirkland, QC 100.00 207,216 202,271 - Wal-Mart, The Brick Laval West SmartCentre Laval, QC 100.00 558,035 321,468 124,000 Wal-Mart, Reno Depot, Canadian Tire*, IGA*, Home Outfitters Magog SmartCentre Magog, QC 100.00 101,854 101,854 60,000 Wal-Mart, Canadian Tire* Mascouche SmartCentre Mascouche, QC 100.00 364,153 190,990 120,000 Wal-Mart, Rona*, IGA, Home Outfitters, Winners, Staples, Bouclair Montreal (Decarie) SmartCentre** Montreal, QC 100.00 112,383 64,104 - Wal-Mart, Mark's Work Wearhouse, Pier 1 Imports, Addition-Elle Montreal North SmartCentre Montreal, QC 100.00 257,204 173,668 - Wal-Mart, IGA, Winners, Dollarama, Mark's Work Wearhouse Place Bourassa Mall Montreal, QC 98.86 276,102 170,083 - Zellers, Super C, Pharmaprix, Bouclair, L'Aubainerie, SAQ, RBC Rimouski SmartCentre Rimouski, QC 100.00 193,204 127,087 119,000 Wal-Mart, Tanguay*, Super C*, Future Shop, Mark's Work Wearhouse Saint-Constant SmartCentre Saint-Constant, QC 98.98 303,731 168,235 95,000 Wal-Mart, Home Depot*, Super C, L Aubainerie Concept Mode Saint-Jean SmartCentre Saint-Jean, QC 100.00 195,929 127,356 80,000 Wal-Mart, Maxi*, Mark's Work Wearhouse, TD Canada Trust Saint-Jerome SmartCentre Saint-Jerome, QC 100.00 119,756 44,856 252,983 Wal-Mart*, Home Depot*, IGA, Bouclair, Dollarama, TD Canada Trust Sherbrooke SmartCentre Sherbrooke, QC 100.00 149,295 133,667 170,000 Wal-Mart, Home Depot*, Canadian Tire*, Mark's Work Wearhouse Valleyfield SmartCentre Valleyfield, QC 100.00 161,236 107,128 - Wal-Mart, Dollarama, SAQ, Reitmans, Victoriaville SmartCentre (2) Victoriaville, QC n/a - - 260,969 Wal-Mart*, Home Depot*, Maxi* Subtotal Quebec 99.44 3,198,942 2,000,529 1,754,893 9

New Brunswick Asset Location Occupancy % Owned Rentable Area Owned Rentable Non-Owned Fredericton North SmartCentre (2) Fredericton, NB n/a - - 234,906 Wal-Mart*, Canadian Tire*, Kent* Anchors and Major Tenants Saint John SmartCentre Saint John, NB 100.00 271,084 173,390 182,122 Wal-Mart, Kent*, Canadian Tire*, Winners, Future Shop, Sport Chek Subtotal New Brunswick 100.00 271,084 173,390 417,028 Nova Scotia Bridgewater SmartCentre Bridgewater, NS 96.32 31,996-242,320 Wal-Mart*, Home Depot*, Canadian Tire*, Boston Pizza, Reitmans Halifax Bayers Lake Centre Halifax, NS 93.21 155,377 35,483 180,000 Zellers*, Atlantic Superstore*, Future Shop, Winners, Reitmans Truro SmartCentre Truro, NS 100.00 118,461 106,329 60,000 Wal-Mart, Kent*, Stitches, Penningtons Subtotal Nova Scotia 96.16 305,834 141,812 482,320 Prince Edward Island Charlottetown SmartCentre Charlottetown, PE 97.26 188,924 104,392 230,000 Wal-Mart, Canadian Tire*, Home Depot*, Sobeys*, Michaels Subtotal Prince Edward Island 97.26 188,924 104,392 230,000 Newfoundland Corner Brook SmartCentre Corner Brook, NL 100.00 178,980 106,352 135,240 Wal-Mart, Canadian Tire*, Dominion (Loblaw)*, Staples, Bulk Barn Gander SmartCentre Gander, NL 91.76 25,235-88,402 Wal-Mart*, Penningtons, EasyHome, Bank of Nova Scotia Mount Pearl SmartCentre Mount Pearl, NL 98.92 248,736 161,001 165,351 Wal-Mart, Canadian Tire*, Dominion (Loblaw)*, Staples, Reitmans Pearlgate Shopping Centre Mount Pearl, NL 93.18 42,893 - - Shoppers Drug Mart, TD Canada Trust St. John's Central SmartCentre St. John's, NL 100.00 109,835 47,586 310,854 Wal-Mart*, Home Depot*, Canadian Tire*, IGA, Petcetera, Moores St. John's East SmartCentre St. John's, NL 100.00 360,163 128,273 80,000 Wal-Mart, Dominion (Loblaw)*, Winners, Staples, Future Shop Subtotal Newfoundland 99.21 965,842 443,212 779,847 Total Retail Assets 98.40 21,629,723 12,817,224 11,118,452 Industrial Properties Airtech Centre Richmond, BC 100.00 111,484 - - MTU Maintenance, Amre Supply Co. Total Industrial Assets 100.00 111,484 - - 10

Asset Location Occupancy % Owned Rentable Area Owned Rentable Non-Owned Anchors and Major Tenants Discontinued Operations Crowchild Corner Calgary, AB 94.39 23,377 - - Re/Max, Respiratory Homecare Solutions Inc. Pembroke SmartCentre Pembroke, ON 100.00 11,247-187,691 Wal-Mart*, Canadian Tire*, Boston Pizza, Reitmans New Minas SmartCentre New Minas, NS 95.45 45,561-108,994 Wal-Mart*, Sport Chek, Mark's Work Wearhouse, Bulk Barn Total Discontinued Operations 95.78 80,185-296,685 Total Portfolio 98.40 21,821,392 12,817,224 11,415,137 * Non-owned anchor ** CWT interest Indicates Calloway s ownership interest (CWT owns a 44.44% interest in the 401 & Weston Power Centre, a 49.9% interests in Hull SmartCentre, 50% interests in Aurora North SmartCentre, Chatham SmartCentre, London North SmartCentre, Markham Woodside SmartCentre (I), Markham Woodside SmartCentre (II), Milton Wal-Mart Centre, Montreal (Decarie) SmartCentre, Oshawa South SmartCentre, Ottawa South SmartCentre, Salmon Arm SmartCentre, and Woodbridge SmartCentre) (1) Anchors are tenants in excess of 30,000 square feet (2) Development lands (3) Subsequently sold on April 21, 2009 (4) Currently in the development phase (Salmon Arm SmartCentre) 11

Top 25 Tenants by Gross Rental Revenue Rank Tenant Gross Rental Revenue (%) Remaining Lease Term (years) 1 Wal-Mart 27.1 13.3 2 Canadian Tire 4.1 7.4 3 Best Buy / Future Shop 3.4 4.8 4 HBC 3.3 10.6 5 Reitmans 3.3 4.6 6 Winners 2.8 4.8 7 Sobeys 2.5 11.0 8 Business Depot o/a Staples 2.2 6.3 9 Rona 1.9 13.2 10 Brick, The 1.5 7.9 11 Cara Restaurants 1.5 6.5 12 Michaels 1.2 4.7 13 La Senza 1.1 5.5 14 Loblaws 1.1 11.7 15 Payless Shoesource 1.1 3.9 16 The Source By Circuit City / Bell Canada 0.9 5.0 17 Forzani Group 0.8 3.7 18 LCBO 0.8 11.0 19 Sleep Country 0.8 5.4 20 Tim Hortons / Wendy's 0.8 6.6 21 Moores 0.7 4.4 22 Old Navy 0.7 3.7 23 EB Games 0.7 3.0 24 Dollarama 0.7 6.9 25 Bouclair 0.6 4.9 Total 65.8 10.6 Note: includes discontinued operations 12

Lease Expiration Schedule Year of Expiry Area Area (%) Annualized Base Rent Average Rent ($ per sq. ft.) Month-to-month 63,171 0.3 1,013,226 16.04 2009 289,354 1.3 4,427,755 15.30 2010 554,121 2.5 9,294,741 16.77 2011 1,094,415 5.0 17,970,532 16.42 2012 937,539 4.3 17,618,318 18.79 2013 1,620,882 7.4 32,235,838 19.89 2014 1,298,913 6.0 22,322,045 17.19 2015 1,213,064 5.6 20,742,150 17.10 2016 924,401 4.2 16,085,368 17.40 2017 1,154,028 5.3 20,325,627 17.61 2018 1,262,339 5.8 23,585,712 18.68 2019 1,466,036 6.7 14,641,470 9.99 2020 1,480,566 6.8 14,312,709 9.67 2021 1,624,597 7.4 14,807,203 9.11 2022 2,118,450 9.7 19,007,477 8.97 2023 1,415,456 6.5 15,022,960 10.61 2024 878,768 4.0 9,367,273 10.66 Beyond 2,050,750 9.4 22,843,174 11.14 Vacant 374,542 1.7 - - Total 21,821,392 100.0 295,623,578 $13.55 Weighted Average Lease Expiry by area = 9.6 years Average Rent psf (occupied area only) = $13.78 Note: includes discontinued operations 13

Area by Age Age Area 2000 - present 19,040,553 87.3 1995-1999 1,942,265 8.9 Before 1994 838,575 3.8 Total 21,821,392 100.0 % Weighted Average Age by area = 7.2 years Area by Age 100% 80% 60% 40% 20% 0% 2000 - present 1995-1999 Before 1994 Year Built Figure 3: Area by Age Note: includes discontinued operations 14

Future Earnouts and Developments (Estimated at Completion as at March 31, 2009) Year Area % of Total Area Income Gross Investment / Commitment Invested-todate Net Investment / Commitment Yield / Cap Rate (%) Committed Earnouts 2009 489,156 8.4% 9,529 134,323 50,012 84,310 7.1% 2010 348,348 6.0% 6,596 94,239 36,917 57,323 7.0% 2011 33,218 0.6% 710 9,299 2,440 6,860 7.6% Total Committed Earnouts 870,721 15.0% 16,835 237,861 89,369 148,493 7.1% Committed Developments 2009 15,214 0.3% 280 3,207 2,188 1,019 8.7% 2010 56,251 1.0% 1,366 19,136 6,651 12,485 7.1% 2011 460,764 7.9% 6,456 80,674 47,553 33,122 8.0% Total Committed Developments 532,229 9.2% 8,102 103,018 56,392 46,626 7.9% Uncommitted future developments (1) 2,333,036 40.1% 44,633 591,687 124,508 467,179 7.5% Total properties under active developments 3,735,985 64.3% 69,571 932,566 270,268 662,298 7.5% Properties designated for future development 2,076,638 35.7% - - 129,735 - - Total 5,812,623 100.0% 69,571 932,566 400,003 662,298 7.5% (1) Earnouts and developments that are being actively pursued, but timing of completion is not yet determinable Committed Earnouts and Developments Year Executed Leases % of Total Area Income Gross Commitment Invested-todate Net Commitment Yield / Cap Rate (%) 2009 504,370 8.7% 9,809 137,530 52,200 85,329 7.1% 2010 404,598 7.0% 7,962 113,376 43,567 69,808 7.0% Committed to December 31, 2010 908,968 15.6% 17,771 250,905 95,768 155,138 7.2% 2011 493,982 8.5% 7,166 89,974 49,993 39,981 8.0% Total 1,402,949 24.1% 24,937 340,879 145,761 195,119 7.3% Note: Earnouts to be acquired from SmartCentres and other vendors 15

Mezzanine Loans and Other Mortgage Receivables (As at March 31, 2009) Project Mezzanine Loans Loan Outstanding Committed Maturity Date Interest Rate (%) Option (%) Total Area upon Completion Purchase Option Pitt Meadows, BC 13,363 26,320 October 2012 7.25% 50% 425,000 212,500 Salmon Arm, BC (1) 8,509 15,000 October 2017 6.35% 0% 271,000 0 Ajax (Salem), ON 750 750 December 2009 7.50% 100% 38,000 38,000 Aurora (South), ON 4,233 18,300 June 2015 7.25% 50% 516,000 258,000 Caledon (Mayfield), ON 5,682 8,590 December 2013 7.50% 50% 130,000 65,000 Caledon (Valleywood), ON 8,321 11,340 December 2013 7.50% 50% 130,000 65,000 Innisfil, ON 28,389 53,650 August 2018 7.75% 50% 329,000 164,500 Penady (Barrie), ON (2) 11,002 10,000 December 2012 7.50% 100% 160,000 160,000 Penady (Stoney Creek), ON (2) 7,934 11,000 December 2015 7.50% 100% 200,000 200,000 Richmond Hill, ON 20,947 24,000 June 2010 8.00% 50% 272,000 136,000 Toronto (Eastern), ON 36,771 45,680 October 2014 7.25% 100% 690,000 690,000 Toronto (Leaside), ON 8,139 15,130 December 2011 7.50% 50% 119,000 59,500 Vaughan (7 & 427), ON 26,345 57,000 December 2014 7.25% 50% 422,000 211,000 Montreal (Saint-Michel), QC (3) 11,458 12,950 August 2009 7.75% 50% 61,000 30,500 Saint-Laurent, QC 11,307 22,000 February 2011 9.00% 50% 755,000 377,500 Total Mezzanine Loans 203,150 331,710 7.52% 59% 4,518,000 2,667,500 Other Mortgage Receivables Spruce Grove, AB 1,727 1,727 December 2012 5.50% Total Other 1,727 1,727 5.50% Total Mortgage Receivables 204,873 333,433 7.51% 59% 4,518,000 2,667,500 (1) Calloway owns a 50% interest. The mezzanine loan is secured against the remaining 50% (2) outstanding loan amount includes accrued interest (3) subject to certain conditions, the interest rate may increase to 10% Note: Of the $128.6M of remaining mezzanine advances available, $55.4M is set aside as an interest accrual reserve 16