8881723 Canada Inc. has made an offer dated June 13, 2014, to purchase all of the issued and outstanding trust units of BLF Real Estate Investment Trust at a price of $7.50 per unit in cash. The offer (as extended) will expire at 5 p.m. (Eastern Time) on Aug. 1, 2014, unless withdrawn or extended.

8881723 Canada will have the right to withdraw or terminate the offer and not take up and pay for any units deposited under the offer unless the conditions set out in the offer are satisfied or waived by 8881723 Canada prior to the expiry time, including the condition that there shall have been validly deposited under the offer and not withdrawn as at the expiry time such number of units representing 66-2/3 per cent of the issued and outstanding units. Reference should be made to the offer for full details of the conditions of the offer.

Unitholders who wish to accept the offer must properly complete and duly execute the letter of transmittal and deposit it, together with certificates representing their units, at the offices of Computershare Investor Services Inc. in Toronto so as to be received at the latest on the expiry time. Alternatively, a holder of units who wishes to deposit units and whose certificates for such units are not immediately available may deposit certificates representing such units by following the procedures for guaranteed delivery set forth in the offer.

The TSX Venture Exchange has been advised that no soliciting dealer group has been retained for the purposes of the offer and no fee will be payable to any broker or dealer that solicits or facilitates acceptance of this offer.

Mandatory trading and settlement rules

The trading and settlement rules described below will apply.

Purchasers may tender the units purchased providing that such purchases are executed on or before Aug. 1, 2014 and providing that, when applicable, the notice of guaranteed delivery is completed and filed with the depositary on or before Aug. 1, 2014.

Sellers of the units must be in a position to deliver such units in time for the purchaser either to tender the units on or before Aug. 1, 2014, or to meet the third-day delivery deadline on any notice that may have been filed by the purchaser.

Notice of guaranteed delivery -- settlement procedure

The notice must be completed and received by the depositary on or prior to the expiry time. The letter of transmittal along with the units pertaining to the notice must be received by the depositary in Toronto on or prior to 6 p.m. (Eastern Time) on the third TSX-V trading day after the expiry time.

Mandatory trading and settlement rules

All trades on July 31, 2014, will be for regular settlement.

All trades on Aug. 1, 2014, will be for special two-day settlement on Aug. 6, 2014. These trades will appear on the CDS settlement report and will be recorded with a settlement date of Aug. 6, 2014.

Investors should contact their broker for information or advice on their investment.