Amalgamation and Reorganization

As described in the Management Information Circular dated November 1, 2010, Northern Property REIT is creating a separate entity called NorSerCo Inc. which will hold those business assets of NPR which produce revenues that do not meet the REIT criteria under the Income Tax Act (Canada). The removal of the Non‐Qualifying Revenue associated with these operations is expected to assist in preserving NPR’s REIT status. NPR complete the Arrangement on January 6, 2011. Upon completion of the Reorganization, each unit of NPR began trading together with one common share of NorSerCo as a stapled unit (each, a “Stapled Unit”) under the trading symbol “NPR.UN”. Unitholders are encouraged to review in detail the Circular for more information.