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IMNADRUKSETTRRIAEPL ORT FIRST QUARTER 2015Demand fundamentals remain strongDespite the availability rate remaining at 4.4% for the third consecutive quarter, the GreaterToronto Area (GTA) industrial market continuedexhibiting strong fundamentals. After two quartersof sub-1.0 million sq. ft. of net absorption, thisfigure more than quadrupled quarter-over-quarterto 3.0 million sq. ft. in Q4 2014, bringing totalyear-end net absorption up to 5.9 million sq.ft. This figure is 28.5% greater than the 10-yearaverage annual net absorption of 4.6 million sq.ft., which speaks to strong user demand.Primary drivers of demand include proximity tohighways, particularly HWY 401, and ampleoutside storage.While demand fundamentals remained strong, $5.18supply of available space has not kept up withdemand. The amount of available quality product as Brampton, where prices remain relatively low.has been on the decline , particularly in the highlysought after over 26’ clear height product. A notable investment transaction in Decem- ber 2014 was H&R REIT’s 50% interest sale ofThis supply glut will begin to soften in the coming occupies 2.7 million sq. ft. of distribution centres Canadian and U.S. industrial portfolios to Publicquarters as 3.4 million sq. ft. of new product in Ontario – 1.3 million sq. ft. in Milton and 1.4 Sector Pension Investment and Crestpoint Realhas come on the market in Q4 2014. This is the million sq. ft. in Cornwall. As Target Canada Estate Investments Ltd. The combined purchasesingle largest quarterly supply figure since Q4 vacates its premises over the coming quarters, its price of approximately $731.0 million makes2005, bringing annual 2014 supply figures up to former warehousing locations could add as much this transaction the largest industrial investment5.8 million sq. ft. This figure is 6.2% higher than as 1.3 million sq. ft. of available space to the transaction of 2014.the 10-year average annual new supply of 5.5 tight Milton market.million sq. ft. As demand for quality space continues, we expect As tenant appetite for industrial space grows, so the industrial market fundamentals in GTA toThere is an additional 7.0 million sq. ft. of space do sales volumes. Many trades have occurred in remain strong.currently under construction. With the excep- the $1.0 to $1.5 million range and cap rates fortion of Q3 2014, which saw 7.9 million sq. ft. high quality space have trended downwards, withunder construction, this 7.0 million sq. ft. figure Class A cap rates sitting at 5.25-5.75% in Q4represents the largest amount of space under 2014. Despite the overall high demand for qual-construction since 2007. ity space, certain markets remain more attractive than others. Markets such as Vaughan continueTarget Canada’s announcement in January fetching high prices in contrast with markets suchof 2015 to withdraw from Canada will likelyhave additional supply-relieving effects on theGTA industrial market. Target Canada currently TmHEeTeEtAM Chris Bournakas*, SIOR John Planeta * Ted Overbaugh* Jeff Hord Grace Kishander* Chiara Plamenco Senior Vice President Senior Vice President Sales Associate Sales Representative Client Services Specialist Client Services Assistant 416 798 6246 Global Supply Chain Practice 416 798 6272 416 798 6258 416 798 6252 416 798 6279 [email protected] 416 798 6223 [email protected] [email protected] [email protected] [email protected] [email protected]*Sales RepresentativeSource: CBRE Limited: Global Research & Consulting, Canadian National MarketView

AIRPORT ROAD PfReOaPtEuRrTeIdES OAKWOOD BUSINESS PARK TORBRAM ROAD BRAMPTON | FOR LEASE/SALE BRAMPTON | FOR SUBLEASE OAKVILLE | FOR LEASE/SALE• For Sale: 5 to 19 acres • Class “A” industrial space, suitable for • Office design/build from 20,000 to• For Lease: Proposed buildings starting from warehousing and manufacturing 100,000+ sq. ft. 130,000 sq. ft. - various sizes & configura- • ± 124,679 sq. ft. • Industrial design/build from 20,000 to tions available • 9 Truck level doors, 2 Van level doors & 150,000+ sq. ft.• Airport Road exposure• Ideal for Head office/distribution locations 2 Drive-in doors • Land Sale opportunities from 2 to 17 acres• Quick access to Highway 407, 427, & 410 • Flow through shipping • Serviced and ready for development• Prime development opportunities • 28’ Clear height • High power • ESFR SprinklersKENNEDY ROAD SUPERIOR BOULEVARD KENVIEW BOULEVARD BRAMPTON | FOR LEASE/SALE FLEXIBLE SIZE CONFIGURATIONS BRAMPTON | FOR LEASE• For Sale: 15.5 acres • 70,931 sq. ft. for lease • 58,974 - 57,970 sq. ft.• For Lease/Sale: Proposed buildings starting • 27’ 8” Clear height • 3 Truck level doors, 4 Drive-in doors • 3 Office build-outs (16%-32%) • 22’ Clear height from 150,000 sq. ft. - various sizes available • Centrally located with excellent access to • Stand alone building located in the Goreway• M2- 3447 zoning allowing outside storage• Rail spur on property with connection to highways Business Park • 8 Truck level and 2 drive-in doors • Excellent transportation access to CN Brampton Intermodal and CP Vaughan • High parking ratio Intermodal Highway 407, 401 & 427, as well as• Quick access to Highway 407, 410 and Pearson International Airport Pearson International Airport • Flexible office configuration (17% to 60%)TORONTO WEST MARKET PROFILE - 4Q 2014 Change From Change From Last Quarter Last QuarterInventory (sq. ft.) 302.1 million Average Net Rental Rate ($ per sq. ft.) $5.55 TMI ($ per sq. ft.)Availability Rate (%) 5.6 % Realty Taxes ($ per sq. ft.) $3.21 Average Sale Price ($ per sq. ft.)Vacancy Rate (%) 2.2% Average Days on Market $2.44Absorption Q4 2014 (sq. ft.) 1,312,098 $91Average Land Price ($ per acre) $608,333 446 Source: CBRE Research, Q4 2014

available huoptFsptropoporspor:ie/rnvt/ridutwsyunitwsittttawyrhxi.eatmoalMppbgpPaueeAcinla.Cdeclraiswna/wgtePebirotosshwpiatenMveirentPfryogAsOr,sC,wdd.eionftTneaah’riptsilss/pf;RoirsoregasoeocftthlevteinhndegopAvMresoasrpleroecsohrslkmy3e.e1dPnF,btoR2Cyro0Obmn1ucP5oielrrdEednieRnsina#gTfdoolY2irwnmenTaettAoriosXfnbil,ueAptylPceoaauPnsreEbceAaaLllnS PROPERTIESPEARSON LOGISTICS CENTRE FLEXIBLE OFFICE or INDUSTRIAL UNITS MILLCREEK BUSINESS PARK, MISSISSAUGARENOVATED REPAIR FACILITY 7385 BREN ROAD, MISSISSAUGA • 12,732 - 13,715 sq. ft. for lease • 81,388 sq. ft. (6,500 sq. ft. office) • Ideal for high office or • 28’ Clear height • Strong labour pool pharmaceutical user • 16 Truck level doors, 1 drive-in door • Ample surface parking • ESFR Sprinklers • 21’ Clear height, truck level shipping • Spectacular warehouse space with levellers • Professionally managed campus 391 ALLIANCE AVENUE, MISSISSAUGA 28’ CLEAR HEIGHT 1327 CLARK BOULEVARD, BRAMPTON • 34,952 sq. ft. for SALE • 35, 203 sq. ft. available • Lot size - 2.17 acres | 18’ Clear Height • Temperature controlled warehouse • New roof installed in 2010 • Excellent warehouse/logistics facility • Ideal for contractor, delivery or courier • Well located in Bramalea Business Park • ESFR sprinklers company or recreational uses • Available IMMEDIATELY • Income currently in placeINDUSTRIAL FREESTAND 5211 CREEKBANK ROAD, MISSISSAUGA AIRPORT CENTRE COMPLEX 244-274 GALAXY BOULEVARD, TORONTO FOR SALE • 20,000 sq. ft. available • 2,964 - 10,502 sq. ft. available for • Secure rear shipping yard LEASE • E3 zoning allowing for outside • Many configurations storage • Drive-in and dock doors • Ideal overflow • Direct access to all 400 series • Upgraded office space • Fantastic curb appeal and exposure highwaysFREESTANDING INDUSTRIAL FACILITY 5149 BRADCO BOULEVARD, MISSISSAUGA 24 CADETTA ROAD, BRAMPTON • 10,153 sq. ft for LEASE • 10,000 sq. ft. for SALE • Exceptional local labour pool • Small freestand with extra land • Easy access to Highways 401, 403 • Fully paved and fenced rear yard • 5,000 sq. ft. auxiliary steel building and 410 • Room for additional doors • Warehouse is fully air conditioned • Functional two storey office area • Available May 1st, 2015INDUSTRIAL CONDOS FOR SALE 30 HALE ROAD, BRAMPTON MAIN STREET EXPOSURE 50 DELTA PARK, MISSISSAUGA • 2,246 - 5,920 sq. ft. for SALE • 3,985 sq. ft. for SALE or LEASE • Industrial condos - varying sizes • Reduced price • New roof • Great Airport Road exposure • Available immediately • Clean offices on two floors and bonus • Well maintained complex • Flexible financing options mezzanine • Ideal for professional usersScOoOmNing 250,000 SQ. FT. FREESTAND FOR SALE HIGH CUBE SPACE • Mississauga • Brampton • Mississauga • For SUBLEASE • 95,000 sq. ft. • For LEASE • Premier warehouse • M2-168 Zoning • 144,000 sq. ft. • Q2 2015 • ESFR Sprinklers • 28’ Clear

385 THOMAS 8041 FIFTH LINE TRreAcNeSnACt TIONS 300 COURTNEY PARK STREET NORTH DRIVE SOLD LEASED 5875 FALBOURNE LEASED STREET LEASED 14 Acres 435,000 sq. ft. 154,182 sq. ft. 77,223 sq. ft.38 NIXON 3279-3289 6350LENWORTH NORTHWEST 15 BRAMALEA ROAD DRIVE DRIVE ROAD LEASED LEASED INVESTMENT SALE LEASED 62,250 sq. ft. 55,050 sq. ft. 51,242 sq. ft. 47,758 sq. ft.1327 CLARK 2395 LUCKNOW 2679 BRISTOL 100 WILKINSON BOULEVARD DRIVE CIRCLE ROAD LEASED LEASED LEASED LEASED46,856 sq. ft. 25,000 sq. ft. 24,443 sq. ft. 8,043 sq. ft. INDUSTRIAL REQUIREMENTS INDUSTRIAL PURCHASE INVESTMENT OPPORTUNITIES DEVELOPMENT SITES• 80,000 - 150,000 sq. ft. • Brampton/Mississauga • 25 - 50 Acres• Manufacturing use• GTA West to Hamilton & K-W • 30,000 - 100,000 sq. ft. • Designated Industrial• Heavy power ideal • Value add and high vacancy considered • GTA West • 1 - 5 year development time lineCINfOopFrlNOemaTRosAMerCeATT: IONChris Bournakas*, SIOR John Planeta* Ted Overbaugh* Jeff Hord Grace Kishander* Chiara PlamencoSenior Vice President Senior Vice President Sales Associate Sales Representative Client Services Specialist Client Services Assistant416 798 6246 Global Supply Chain Practice 416 798 6272 416 798 6258 416 798 6252 416 798 [email protected] 416 798 6223 [email protected] [email protected] [email protected] [email protected] [email protected]*Sales RepresentativeCBRE Limited | 87 Skyway Avenue | Suite 100 | Toronto, ON | M9W 6R3 | T 416 674 7900 | F 416 674 6575This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation (“CBRE”). The information set out herein, including, without limitation, any projections, images, opinions,assumptions and estimates obtained from third parties (the “Information”) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information.CBRE does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient’s reliance upon the Information. The recipient of the Information should take such steps as therecipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market atany time without notice or obligation to the recipient from CBRE. CBRE and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on thisdocument are the property of their respective owners. All Rights Reserved.Mapping Sources: Canadian Mapping Services [email protected]; DMTI Spatial, Environics Analytics, Microsoft Bing, Google Earth