Merger

Effective May 31, 1999, RealFund merged with RioCan REIT. RioCan was the surviving company. Unitholders of RealFund received 1.45 units of RioCan REIT for each unit of RealFund held. RealFund unitholders had the option of treating this event as a tax free roll-over, in which case the ACB Tracking calculator will automatically deal with it. If the unitholder chose to crystallize a capital gain or loss, the ACB per unit of RioCan on May 28, 1998 was $13.70, and a Buy transaction should be entered as of that date.