Mr. Michel Dallaire reports

THE COMINAR ACQUISITION GROUP ANNOUNCES INITIAL TAKE-UP AND EXTENSION OF ITS OFFER FOR CANMARC TO FEBRUARY 7, 2012

On Jan. 27, 2012, at 3 p.m. (Toronto time), 37,692,827 trust units of Canmarc Real Estate Investment Trust were deposited to the offer by wholly owned subsidiaries of Cominar to acquire all of the issued and outstanding Canmarc units, and all other conditions of the offer were satisfied as of the date hereof. The Cominar acquisition group has taken up and accepted for payment all of such Canmarc units, which, together with the Canmarc units owned by Cominar and the Cominar acquisition group, represent approximately 83.8 per cent of the Canmarc units outstanding. Canmarc units deposited under the offer will be paid for on Jan. 30, 2012. A total of 54.0 per cent of the Canmarc units tendered were tendered into the unit alternative of the offer, and a total of 46.0 per cent of the Canmarc units tendered were tendered into the cash alternative of the offer. After proration, 12,953,556 trust units of Cominar will be issued in payment of Canmarc units tendered.

Cominar and the Cominar acquisition group also delivered today a notice of extension to the depositary of the offer. The offer is now open for acceptance until Feb. 7, 2012, at 5 p.m. (Toronto time) to allow as many Canmarc unitholders as possible to tender into the offer. Regardless of whether or not additional Canmarc unitholders tender to the offer, Cominar will, if necessary, carry out a subsequent acquisition transaction that will ensure that it owns, directly and indirectly, 100 per cent of the issued and outstanding Canmarc units. If at least 90 per cent of the Canmarc units other than the Canmarc units owned by Cominar and the Cominar acquisition group are tendered to the offer, Cominar will immediately acquire and pay for the Canmarc units not tendered to the offer pursuant to a compulsory acquisition pursuant to the declaration of trust of Canmarc.

Tendering Canmarc units to the offer

Tendering to the offer is straightforward, and Canmarc unitholders should act now. Instructions on how to tender Canmarc units are included in the offering circular, which was previously sent to Canmarc unitholders and is available on SEDAR.

Canmarc unitholders with questions about the offer or how to tender their Canmarc units should contact Kingsdale Shareholder Services Inc. as information agent under the offer. Kingsdale may be contacted toll-free in North America at 1-877-657-5857 or collect from outside North America at 416-867-2272 or by e-mail at contactus@kingsdaleshareholder.com.

Advisers and lenders

BMO Capital Markets acted as Cominar's senior financial adviser, and Davies Ward Phillips & Vineberg LLP acted as Cominar's legal counsel. Desjardins Securities Inc. and National Bank Financial Inc. also acted as financial advisers to Cominar.

National Bank of Canada, Bank of Montreal and Caisse Centrale Desjardins have provided Cominar with a facility to finance the cash consideration payable for the Canmarc units.

We seek Safe Harbor.