On September 30, 2015, Boulevard Industrial REIT (“Boulevard”) was acquired by PRO Real Estate Investment Trust (“PROREIT”).

Pursuant to the plan of arrangement, which was approved by the Ontario Superior Court of Justice (Commercial List) on September 25, 2015, unitholders of Boulevard will receive 0.04651 of a trust unit of PROREIT for each trust unit of Boulevard held.

Holders of outstanding Boulevard convertible debentures will receive a cash amount equal to 101% of the principal amount plus accrued and unpaid interest, and an additional 30 days of interest.

Registered holders of Boulevard trust units are reminded that they must properly complete, sign and return the letter of transmittal, along with their unit certificate(s), to Equity Financial Trust Company, as depositary, in order to receive the PROREIT units they are entitled to under the transaction. Holders of Boulevard trust units who hold their units through a broker, investment dealer or other intermediary should carefully follow the instructions provided by such broker, investment dealer or other intermediary in order to receive the PROREIT units they are entitled to under the transaction. PROREIT has delivered to Equity Financial Trust Company, the depositary for the arrangement, sufficient funds to enable the depositary to make the payments described in the arrangement to the holders of Boulevard convertible debentures as soon as practicable following the date hereof.

Additional copies of the letter of transmittal may be requested from Equity Financial Trust Company by telephone at 1-866-393-4891 or by email at TMXEInvestorServices@tmx.com.


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