Mr. Michel Dallaire reports

COMINAR ANNOUNCES CLOSING OF ISSUE OF UNITS

Cominar Real Estate Investment Trust has closed its previously announced public offering of 9,168,950 units. The units include 1,195,950 units of Cominar which were issued upon the exercise of an overallotment option and were sold to a syndicate of underwriters led by National Bank Financial Inc. and BMO Nesbitt Burns Inc. for total net proceeds to Cominar of approximately $192.9-million, after deducting the underwriters' fee and the estimated expenses of the offering. The net proceeds of the sale of the units will be used to pay down debt outstanding under current credit facilities. Indebtedness incurred under such credit facilities was used by Cominar to finance acquisitions and investments, and for general and corporate purposes. The units have been offered in all provinces of Canada by way of a short form prospectus.

We seek Safe Harbor.