TAXATION

The after-tax return from an investment in Units to an investor subject to Canadian income tax depends, in part, on the composition for income tax purposes of distributions made by the Trust, portions of which may be fully or partially taxable or may constitute tax deferred returns of capital. That composition may change over time, thus affecting the after tax return to Unitholders.

CT REIT has determined that the distributions should be treated in the following manner:

Year

Distribution

Per Unit

Other Income

Capital Gains

Return of Capital

Monthly Per Unit

Tax Distribution

Breakdown

2016

$0.68170

83.74%

0%

16.26%

PDF

2015

$0.66442

81.57%

0%

18.34%

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2014

$0.651087

77.3416%

0%

22.6584%

PDF

2013

$0.124361

57.84998%

0%

42.15002%

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