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Calloway Real Estate Investment Trust Announces Redemption of 5.75% Convertible
May 27, 2015

Calloway Real Estate Investment Trust today announced that it is issuing a notice of redemption to holders of
its 5.75% convertible unsecured subordinated debentures due June 30,
2017 (the “Debentures“), representing a redemption in
full of all of the currently outstanding 5.75% Convertible Debentures.
The Debentures will be redeemed on June 30, 2015 (the “Redemption Date“),
in accordance with their terms, at a total redemption price of $1,000
plus accrued and unpaid interest of $28.75 up to but excluding the
Redemption Date, both per $1,000 principal amount. Calloway intends to
use cash on hand to pay the redemption price and accrued and unpaid
interest to the extent that there are any unconverted Debentures
outstanding on the Redemption Date. As at the close of trading on May
26, 2015, the aggregate principal amount of the Debentures outstanding
was $55,579,000.

Pursuant to the terms of the trust indenture and the supplemental trust

indenture governing the Debentures (collectively, the “Trust Indenture“),
holders of the Debentures have the right until 5:00 p.m. on the last
business day prior to the Redemption Date to convert their Debentures
into Units of Calloway (“Units“) in accordance with the
Trust Indenture, at a conversion price of $25.75 per Unit, being a rate
of approximately 38.84 Units per $1,000 principal amount of Debentures.

About Calloway

is one of Canada’s largest real estate investment trusts with an
enterprise value of approximately $7 billion. It owns and manages
approximately 27 million square feet in 121 value-oriented principally
Walmart anchored retail centres having the strongest national and
regional retailers, as well as strong neighbourhood merchants. In
addition, Calloway is a joint-venture partner in the Toronto and
Montreal Premium Outlets. Calloway’s vision is to provide a
value-oriented shopping experience to Canadian consumers. For more
information on Calloway, visit

Contact Information

For more information, please contact:

Peter Sweeney
Chief Financial Officer
Calloway Real Estate Investment Trust
(905) 326-6400 ext. 7865



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