REIT Income

| November 12, 2012

North American REIT Income Fund Announces Exchange Ratios.

TORONTO, Nov. 12, 2012 – North American REIT Income Fund (the “Fund”) is pleased to announce the exchange ratios for the exchange offer by the Fund being made under the final prospectus dated October 26, 2012. The closing of the initial public offering of transferable trust units (the “Units”) at $10.00 per Unit is scheduled to occur on or about November 19, 2012. The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Units under the symbol NRF.UN, subject to the fulfillment of TSX requirements.

The number of Units issuable in exchange (the “Exchange Ratio”) for the securities of an Exchange Eligible Issuer deposited by a prospective purchaser pursuant to the Exchange Option was determined by dividing the volume weighted average trading price of such securities during the five consecutive trading days ending on November 9, 2012 (the “Pricing Period”), as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $10.00. For greater certainty, the distribution payable on the securities of any Exchange Eligible Issuer that are deposited under the Exchange Option and which have a record date before the Closing will be received by the prospective purchaser who deposited such securities and not by the Fund. The Exchange Ratios will be rounded down to four decimal places.

The following table specifies for each of the securities that have been deposited: (i) the name of issuer; (ii) the trading symbol; (iii) the CUSIP; (iv) the ISIN; (v) the volume weighted average trading price (“VWAP“) during the Pricing Period in Canadian dollar terms; and (vi) the Exchange Ratio.

Exchange Eligible Issuers

Allied Properties Real Estate Investment Trust AP.UN 19456102 CA0194561027 31.5688 3.1569
Artis Real Estate Investment Trust AX.UN 04315L105 CA04315L1058 15.9985 1.5999
Brookfield Office Properties Canada BOX.UN 112823109 CA1128231091 29.1209 2.9121
Brookfield Office Properties Inc. BPO 112900105 CA1129001055 16.2355 1.6236
Calloway Real Estate Investment Trust CWT.UN 131253205 CA1312532056 28.9455 2.8946
Canadian Apartment Properties Real Estate
Investment Trust
CAR.UN 134921105 CA1349211054 23.8836 2.3884
Cominar Real Estate Investment Trust CUF.UN 199910100 CA1999101001 23.1669 2.3167
Crombie Real Estate Investment Trust CRR.UN 227107109 CA2271071094 14.9282 1.4928
Dundee Real Estate Investment Trust D.UN 265270207 CA2652702077 35.7921 3.5792
Extendicare Inc. EXE 30224T863 CA30224T8639 7.7456 0.7746
First Capital Realty Inc. FCR 31943B100 CA31943B1004 18.3829 1.8383
H&R Real Estate Investment Trust HR.UN 404428203 CA4044282032 24.0763 2.4076
InnVest Real Estate Investment Trust INN.UN 45771T132 CA45771T1324 4.6088 0.4609
Killam Properties Inc. KMP 494104870 CA4941048700 12.6494 1.2649
Morguard Real Estate Investment Trust MRT.UN 617914106 CA6179141065 17.9911 1.7991
Northwest Healthcare Properties Real Estate
Investment Trust
NWH.UN 667495105 CA6674951059 12.8675 1.2868
RioCan Real Estate Investment Trust REI.UN 766910103 CA7669101031 26.951 2.6951
Temple Real Estate Investment Trust TR.UN 880018106 CA8800181064 6.2208 0.6221

The syndicate of agents for this offering is being led by RBC Capital Markets and CIBC, and includes GMP Securities L.P., BMO Capital Markets, National Bank Financial Inc., Scotiabank, TD Securities Inc., Raymond James Ltd., Canaccord Genuity Corp., Macquarie Private Wealth Inc., Desjardins Securities Inc., Dundee Securities Ltd., and Manulife Securities Incorporated.

This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from one of the above-noted agents. Investors should read the prospectus before making an investment decision.

SOURCE North American REIT Income Fund


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