FOR THE YEAR ENDED DECEMBER 31, 2012 THE KEYS TO SUCCESS CALLOWAY REAL ESTATE INVESTMENT TRUST

Supplemental information Package FOR THE YEAR ENDED DECEMBER 31, 2012 THE KEYS TO SUCCESS CALLOWAY REAL ESTATE INVESTMENT TRUST

Index Conference Call Highlights.... 2 Portfolio Highlights...... 6 Distribution Reinvestment Plan..... 7 Distribution History.. 7 Performance of Calloway Units. 8 Average Unit Trading Price 8 Average Daily Volume of Units Traded 8 Market Capitalization Summary 8 Gross Revenue and by Province........ 9 Top 25 Tenants.. 10 Lease Expiration Schedule..... 11 by Age... 12 Future Earnouts and Developments.. 13 Committed Earnouts and Developments...... 13 Recourse Loans to Developers... 14 Individual Property Summary.. 15 Notice to Reader... 23 General Information.. 24 December 2012 Supplemental Information Package 1

Conference Call Highlights Operations for the quarter and year Renewed 89% of expiring tenant leases with average rents increasing 6.4% Occupancy level at 99% FFO/unit increased 4.5% for the quarter (4.9% for the year) Same property growth increased 0.5% (excluding Everything for a Dollar - 1.1%) for the quarter (0.7% and 0.9% for the year) EFAD - 14 locations totaling 57,000 square feet - 3 locations leased, 1 location sold - 6 locations under negotiations - impact in 2012 - $533,000 (bad debts - $172,000, vacancy loss - $361,000) Tenant Activity Zellers: one location with a continuous operating covenant to remain open Target: two stores opening in July 2013 (Hopedale Mall in Oakville and Laurentian Mall in Kitchener) Best Buy / Future Shop: 4 Calloway locations (out of 31) closed with one to reopen as a smaller store (~10,000 square feet). Tenant will continue to pay rent until the leases mature. All four are in Walmart Supercentre-anchored centres. Modest mid box growth Extreme Fitness: none in Calloway s portfolio December 2012 Supplemental Information Package 2

Conference Call Highlights Growth Earnouts and development of 196,000 square feet at a 7.1% yield for the quarter (472,000 square feet at a 7.5% yield for the year) Premium Outlets Toronto - construction of 400,000 square feet underway - 85% of space preleased/committed - opening August 2013 Montreal - land purchased in December 2012 - construction to commence in 2013 - opening 2014 Vaughan Metropolitan Centre - KPMG rezoning and site plan submitted - contracts signed with construction manager and architects - agreements signed with TTC subway/bus terminal and cost allocation for pedestrian tunnel Future Opportunities - earnouts and developments committed pipeline of 550,000 square feet at a yield of 8.0% - Westside Mall mixed use rezoning potential resulting from Eglinton LRT/subway line in front of the centre on Calloway land - Hopedale Mall renovations to coincide with Target opening - continuing to source intensification opportunities in Calloway portfolio - additional land adjacent to Montreal Premium Outlets Recycling Capital - sale of assets totaling $86 million to re-invest in higher growth real estate December 2012 Supplemental Information Package 3

Conference Call Highlights Capital Activities Completed the redemption of the 6.65% Convertible Debentures Financed $189.5 million in secured mortgages with an average term of 10.5 years at 3.79% Leverage reduced to 40.9% of FMV Interest coverage improved to 2.3X Continuing to extend term as we realize interest roll down on refinancing Unencumbered asset pool increased to $1.1 billion SIFT Proposed amendments to the SIFT Rules were introduced and received first reading in the House of Commons which will allow Calloway to meet the REIT Exemption when signed into law All tax provisions reversed December 2012 Supplemental Information Package 4

Looking Beyond Vaughan Metropolitan Centre Vaughan Metropolitan Centre Westside Mall Caledonia Station Toronto Premium Outlets (November 26, 2012) December 2012 Supplemental Information Package 5

Portfolio Highlights December 31, 2012 Number of properties 126 Number of Walmarts / Supercentres 77 / 55 Number of Walmarts / Supercentres (including shadows) 91 / 62 Gross leaseable area 25,908,998 Total GLA in Walmart anchored centres 22,028,123 Future developable area 3,580,974 Occupancy 99.0% Average lease term to maturity 7.8 years Net rental rate (per occupied sq. ft.) $14.37 Net rental rate excluding anchors (per occupied sq. ft.) $20.20 Total debt Weighted average interest rate (1) 5.39% Term mortgages Weighted average contractual interest rate (2) 5.59% Term mortgages Weighted average maturity 5.5 years (in $000s, except for Units and per Unit amounts) Investment properties 6,209,837 Total assets 6,480,407 Debt 2,647,615 Debt to gross book value (3) 48.7% Interest coverage 2.3X Equity (book value) 3,639,497 Units outstanding (4) 132,279,778 FFO excluding current income tax (diluted) $1.787 AFFO (diluted) $1.714 Payout ratio (5) 90.3% (1) Includes convertible debentures and acquisition date fair value adjustments. (2) Excludes acquisition date fair value adjustments. (3) Defined as debt (excluding convertible debentures) divided by total assets plus accumulated amortization and cumulative unrealized fair value gain or loss in respect of investment property and financial instruments. (4) Total Units outstanding includes Trust Units and LP Units including LP Units classified as liabilities. (5) Payout ratio is calculated as distributions per Unit divided by adjusted funds from operations per Unit. December 2012 Supplemental Information Package 6

Distribution Reinvestment Plan Unitholders who elect to participate will have their monthly cash distributions automatically reinvested in units of Calloway at a price equal to 97% of the average TSX market price over the 10 business days preceding the monthly distribution date. Calloway s DRIP will be administered by Computershare Trust Company of Canada. Interested unitholders can also obtain an information package and the necessary registration forms from, or direct any inquiries/concerns regarding the DRIP to, Computershare Trust Company of Canada via telephone at 1-800-564-6253 or via mail at: c/o Computershare Trust Company of Canada 100 University Avenue, 9 th Floor Toronto, ON, M5J 2Y1 Canada Attention: Dividend Reinvestment Department Distribution History Per unit, paid monthly 2012 2011 2010 2009 January 0.12900 0.12900 0.12900 0.12900 0.12900 February 0.12900 0.12900 0.12900 0.12900 0.12900 March 0.12900 0.12900 0.12900 0.12900 0.12900 April 0.12900 0.12900 0.12900 0.12900 0.12900 May 0.12900 0.12900 0.12900 0.12900 0.12900 June 0.12900 0.12900 0.12900 0.12900 0.12900 July 0.12900 0.12900 0.12900 0.12900 0.12900 August 0.12900 0.12900 0.12900 0.12900 0.12900 September 0.12900 0.12900 0.12900 0.12900 0.12900 October 0.12900 0.12900 0.12900 0.12900 0.12900 November 0.12900 0.12900 0.12900 0.12900 0.12900 December 0.12900 0.12900 0.12900 0.12900 0.12900 2008 Total 1.54800 1.54800 1.54800 1.54800 1.54800 December 2012 Supplemental Information Package 7

Performance of Calloway Units Average Unit Trading Price Per unit 2012 2011 1 st Quarter 27.09 24.17 20.20 10.98 21.20 2 nd Quarter 27.84 25.31 20.74 12.33 21.09 3 rd Quarter 29.64 25.03 22.78 15.82 19.56 4 th Quarter 28.66 26.25 23.84 18.38 11.87 YTD / Annual 28.27 25.15 22.05 14.40 18.11 Closing trading price at end of period 28.95 26.77 23.37 19.51 11.35 2010 2009 2008 Average Daily Volume of Units Traded 2012 2011 1 st Quarter 184,079 166,361 147,798 153,794 231,407 2 nd Quarter 162,337 129,997 164,883 257,881 183,995 3 rd Quarter 166,512 147,638 187,767 277,493 166,188 4 th Quarter 173,510 144,570 192,377 164,661 240,679 Annual 171,593 147,075 173,308 213,695 205,379 2010 2009 2008 Market Capitalization Summary Date Total Units Outstanding (1) Share price per Unit Market Capitalization December 31, 2012 132,279,778 28.95 3,829,499,573 December 31, 2011 124,738,959 26.77 3,339,261,932 December 31, 2010 114,939,541 23.37 2,686,137,073 December 31, 2009 99,365,444 19.51 1,938,619,812 December 31, 2008 95,077,675 11.35 1,079,131,611 (1) Includes Calloway Limited Partnership Class D LP units. December 2012 Supplemental Information Package 8

Gross Revenue and by Province December 2012 Supplemental Information Package 9

Top 25 Tenants Rank Tenant Number of Stores Gross Rental Revenue Remaining Lease Term (years) 1 Walmart 77 25.4 10.0 2 Canadian Tire / Mark s / FGL Sports 70 5.2 7.5 3 Winners 36 3.8 6.7 4 Best Buy / Future Shop 31 3.3 4.4 5 Reitmans 117 3.0 4.0 6 Sobeys 13 2.4 8.7 7 Rona 6 2.0 10.7 8 Home Outfitters 14 1.9 5.6 9 Staples 23 1.9 4.7 10 Michaels 20 1.5 4.9 11 The Brick 8 1.3 8.1 12 Loblaws 6 1.2 10.7 13 Cara Restaurants 36 1.2 4.7 14 LCBO 19 1.2 10.8 15 Dollarama 27 1.1 5.5 16 Shoppers Drug Mart 13 1.1 8.3 17 Gap Inc. 14 0.9 3.4 18 Bouclair 22 0.9 5.3 19 Sail 3 0.8 14.2 20 Payless Shoesource 49 0.8 2.0 21 Sleep Country 27 0.8 3.9 22 Bonnie Togs 23 0.7 6.9 23 CIBC 17 0.7 5.2 24 Moores 23 0.7 3.2 25 Bell Canada 56 0.7 3.3 Total 750 64.5 8.5 December 2012 Supplemental Information Package 10

Lease Expiration Schedule Year of Expiry Number of Stores Annualized Base Rent Average Rent psf Month-to-month and Holdovers 35 102,347 0.4 1,809,286 17.68 2013 233 823,238 3.2 17,437,287 21.18 2014 291 1,449,418 5.6 26,318,073 18.16 2015 298 1,491,152 5.8 27,013,517 18.12 2016 293 1,699,029 6.6 30,233,139 17.79 2017 272 1,708,587 6.6 32,930,889 19.27 2018 291 1,872,226 7.2 34,807,928 18.59 2019 145 2,069,529 8.0 25,665,341 12.40 2020 107 1,953,443 7.5 24,806,738 12.70 2021 113 2,364,257 9.1 27,054,026 11.44 2022 131 2,793,316 10.8 31,753,988 11.37 2023 53 1,802,671 7.0 20,371,491 11.30 2024 26 1,340,511 5.2 17,008,133 12.69 2025 15 752,436 2.9 7,433,535 9.88 2026 23 948,383 3.7 11,680,000 12.32 2027 22 1,437,505 5.5 17,584,369 12.23 2028 7 255,193 1.0 3,488,542 13.67 Beyond 7 785,448 2.9 11,151,428 14.20 Vacant 96 260,309 1.0 - - Total 2,458 25,908,998 100.0 368,547,711 14.22 Weighted Average Lease Expiry by area = 7.8 years. Average Rent per occupied sq. ft. = $14.37. December 2012 Supplemental Information Package 11

by Age Age 2002 present 18,671,413 72.1 1995 2001 6,229,349 24.0 Before 1994 1,008,236 3.9 Total 25,908,998 100.0 Portfolio of high quality, newly developed assets with an average age of 10.3 years and minimal capex requirements. December 2012 Supplemental Information Package 12

Future Earnouts and Developments Year Total Income ($000s) Gross Commitment ($000s) Invested To-date ($000s) Net Commitment ($000s) Yield / Cap Rate Committed Earnouts 2013 237,497 6.6% 4,991 67,440 21,472 45,968 7.4% 2014 and beyond 45,191 1.3% 1,051 13,645 3,517 10,129 7.7% Total Committed Earnouts 282,688 7.9% 6,042 81,085 24,989 56,096 7.5% Committed Developments 2013 222,657 6.2% 7,346 83,925 (1) 43,439 (1) 40,485 8.8% (2) 2014 and beyond 45,078 1.3% 864 12,536 (1) 5,375 (1) 7,160 6.9% (2) Total Committed Developments 267,735 7.5% 8,210 96,460 48,814 47,646 8.5% Uncommitted Future Developments Earnouts 962,185 26.9% 19,194 265,468 64,204 200,831 7.2% Developments (3) 2,068,366 57.7% 36,619 500,123 (1) 137,748 (1) 362,376 7.3% (2) Total Uncommitted Future Developments 3,030,551 84.6% 55,813 765,159 201,952 563,207 7.3% Total before Non-cash Development Cost 3,580,974 100.0% 70,065 942,703 275,755 666,948 7.4% Non-cash Development Cost 70,280 Vaughan Metropolitan Centre ( VMC ) (4) 55,243 Total 3,580,974 100.0% 70,065 942,703 401,279 666,948 7.4% (1) Includes fair value adjustment for land. (2) On a cost basis, the yield would be 8.5%, 7.5% and 6.2%, respectively. (3) 475,000 square feet of earnouts were reclassified as developments relating to properties where s did not renew it s development agreement (4) Developments do not include the estimated 3 million square feet relating to Calloway s 50% ownership of the VMC Committed Earnouts and Developments Year Executed Leases (sf) Total Income ($000s) Gross Commitment ($000s) Invested To-date ($000s) Net Commitment ($000s) Yield / Cap Rate 2013 460,154 12.8% 12,337 151,364 (1) 64,911 (1) 86,453 8.2% (2) 2014 and beyond 90,269 2.6% 1,916 26,181 (1) 8,892 (1) 17,289 7.3% (2) Total before Non-cash Development Cost 550,423 15.4% 14,252 177,545 (1) 73,803 (1) 103,742 8.0% (2) (1) Includes fair value adjustment for land. (2) On a cost basis, the yield would be 8.0%, 7.6% and 7.9%, respectively. December 2012 Supplemental Information Package 13

Recourse Loans to Developers Project Loan Outstanding ($000s) Committed ($000s) Maturity Date Interest Rate Option Total upon Completion Purchase Option Pitt Meadows, BC 20,639 62,119 December 2017 7.25% 50% 469,512 234,756 Salmon Arm, BC (1, 4) 13,163 23,264 October 2017 Variable 0% 215,624 0 Aurora (South), ON 11,231 34,807 June 2020 7.25% 50% 190,535 95,268 Caledon (Mayfield), ON 8,151 12,372 December 2016 7.50% 50% 152,028 76,014 Caledon (Valleywood), ON 11,548 17,413 December 2016 7.50% 50% 135,485 67,743 Innisfil, ON (1, 5) 16,638 27,077 December 2020 Variable 0% 233,000 0 Mirabel (Outlet), QC (2) 0 11,550 December 2016 6.50% 0% 391,176 0 Mirabel (Shopping Centre), QC (3) 0 18,650 December 2022 7.50% 0% 255,000 0 Toronto (Eastern), ON (1) 22,084 40,102 December 2017 7.25% 50% 120,000 60,000 Vaughan (7 & 427), ON 48,384 68,843 December 2020 7.25% 50% 561,782 280,891 Montreal (Saint-Michel), QC 13,204 23,650 November 2015 7.75% 50% 198,129 99,065 Total 165,042 339,847 6.78% 31% 2,922,271 913,736 (1) Calloway owns a 50% interest. The loan is secured against the remaining 50%. (2) Calloway owns a 25% interest. The loan is secured against a 25% interest owned by one of the JV partners. (3) Calloway owns a 33.3% interest. The loan is secured against a 33.3% interest owned by one of the JV partners. (4) Monthly variable rate based on a fixed rate of 6.35% on loans outstanding up to $7.2M (the Fixed Rate Amount ) and the bankers acceptance rate plus 1.75% on any additional loans above the Fixed Rate Amount. (5) Monthly variable rate based on the bankers acceptance rate plus 2.00%. Note: Of the $174.8M of remaining loan advances available, $74.6M is set aside as interest accrual reserve. December 2012 Supplemental Information Package 14

Individual Property Summary Property Location Occupancy Non-Owned Anchors and Major Tenants Retail Properties British Columbia Courtenay Courtenay, BC 97.8 273,289 161,925 - Cranbrook Cranbrook, BC 100.0 141,772 199,824 185,556 Cowichan Commons Duncan, BC 100.0 247,823-245,696 Kamloops Kamloops, BC 100.0 217,790 150,793 - Langley Langley, BC 97.8 354,103 108,632 172,161 New Westminster New Westminster, BC 100.0 433,818 105,963 - Penticton Power Centre Penticton, BC 100.0 202,199 206,339 - Prince George Prince George, BC 100.0 288,341 115,890 204,247 Surrey West Surrey, BC 95.1 184,652 - - Vernon Vernon, BC 100.0 259,296-50,300 Subtotal British Columbia 99.1 2,603,083 1,049,366 857,960 Walmart Supercentre, Winners, Staples, Future Shop, Sport Chek, RBC Walmart Supercentre, Real Canadian Superstore*, Home Hardware* Walmart Supercentre*, Rona*, Canadian Tire, Home Depot, Future Shop Walmart, Michaels, Lordco Auto Parts, Pier 1 Imports, Reitmans Walmart Supercentre, Home Depot*, Save-on-Foods*, Home Outfitters, London Drugs, Best Buy Walmart Supercentre, Home Outfitters, Best Buy, Tommy Hilfiger, Bonnie Togs Real Canadian Superstore, Staples, Winners, Petcetera, TD Canada Trust Walmart Supercentre, Home Depot*, Canadian Tire*, Michaels Walmart Supercentre, Dollar Tree, Sleep Country, Reitmans Walmart Supercentre, Rona*, Future Shop, Value Village Alberta Calgary Southeast Calgary, AB 100.0 246,085 115,811 - Crowchild Corner Calgary, AB 100.0 23,377 107,838 - Edmonton Northeast Edmonton, AB 97.2 274,353 64,104 - Lethbridge Lethbridge, AB 100.0 325,630-95,000 St. Albert St. Albert, AB 100.0 251,329 128,273 91,737 Subtotal Alberta 99.3 1,120,774 416,026 186,737 Walmart Supercentre, London Drugs, Mark's Work Wearhouse Re/Max, Respiratory Homecare Solutions Inc. Walmart Supercentre, Michaels, Mark's Work Wearhouse, Moores Walmart Supercentre, Home Depot*, Ashley Furniture, Best Buy Walmart Supercentre, Save-on- Foods*, Totem*, Sleep Country December 2012 Supplemental Information Package 15

Individual Property Summary Property Location Occupancy Non-Owned Anchors and Major Tenants Saskatchewan Regina East Regina, SK 96.9 371,269 48,890 218,681 Regina North Regina, SK 93.7 276,251 173,390 - Saskatoon South Saskatoon, SK 98.8 374,722 168,235 98,395 Walmart Supercentre, Real Canadian Superstore*, Rona*, HomeSense Walmart Supercentre, Sobeys, Mark's Work Wearhouse, Dollarama, TD Canada Trust Walmart Supercentre, Home Depot*, HomeSense, The Brick Subtotal Saskatchewan 96.7 1,022,242 390,515 317,076 Manitoba Kenaston Common Winnipeg Southwest Winnipeg, MB 98.8 257,222 97,623 146,000 Winnipeg, MB 100.0 499,146-95,000 Winnipeg West Winnipeg, MB 100.0 329,252-75,240 Subtotal Manitoba 99.7 1,085,620 97,623 316,240 Rona, Costco*, Indigo Books, Golf Town, Petland, HSBC, RBC Walmart, Home Depot*, Safeway, Home Outfitters, HomeSense Walmart Supercentre, Canadian Tire*, Sobeys, Winners, Value Village, Staples Ontario Ancaster Ancaster, ON 98.6 236,090-51,268 Aurora North ** Aurora, ON 100.0 250,967 160,727 - Aurora Aurora, ON 95.1 51,187 156,819 63,500 Barrie North Barrie, ON 100.0 234,700 210,940 81,373 Barrie South Barrie, ON 99.1 377,195 65,461 - Bolton Bolton, ON 100.0 235,793 45,877 - Bramport Brampton, ON 96.9 120,298 243,610 - Brampton East Brampton, ON 100.0 360,694 - - Brampton North Walmart Supercentre, Canadian Tire*, Future Shop, Dollar Tree Walmart Supercentre, Rona, Best Buy, Golf Town, Dollarama Canadian Tire*, Winners, Bank of Nova Scotia Walmart Supercentre, Zehrs*, Old Navy, Bonnie Togs, Addition-Elle Walmart, Sobeys, Winners, Michaels, PetSmart, La-Z-Boy Walmart Supercentre, LCBO, Mark's Work Wearhouse, Reitmans LA Fitness, LCBO, Dollarama, Swiss Chalet, CIBC, Bank of Montreal Walmart Supercentre, The Brick, Winners, Staples Brampton, ON 95.3 53,380 232,635 62,496 Fortinos*, Shoppers Drug Mart Brockville Brockville, ON 100.0 137,873 161,127 380,370 Walmart Supercentre*, Real Canadian Superstore*, Home Depot*, Winners, Future Shop, Michaels, LCBO December 2012 Supplemental Information Package 16

Individual Property Summary Property Location Occupancy Non-Owned Anchors and Major Tenants Burlington (Appleby) Burlington North Burlington, ON 100.0 151,115 - - Burlington, ON 94.8 226,451 281,345 129,663 Cambridge (I) Cambridge, ON 99.4 689,689 104,392 - Cambridge (II) Cambridge, ON 100.0 32,068 101,053 134,720 Carleton Place Carleton Place, ON 97.2 148,885 142,634 - Chatham ** Chatham, ON 98.9 152,053 135,899 125,000 Cobourg Cobourg, ON 100.0 181,173 107,158 85,000 Leaside East York, ON 98.8 228,225 101,183 131,000 Etobicoke (Index) Toys R Us, LA Fitness, Shoppers Drug Mart, Golf Town, Bank of Montreal Walmart Supercentre, Reitmans, Moores, Bank of Nova Scotia Walmart Supercentre, Rona, Best Buy, Staples, Bed Bath & Beyond, Future Shop, Dollarama Home Depot*, Canadian Tire*, 2001 Audio Video, Henry's Photography Walmart Supercentre, Dollarama, Mark's Work Wearhouse, Bulk Barn Walmart Supercentre, Zehrs*, Winners, Mark's Work Wearhouse, PetSmart, LCBO Walmart Supercentre, Home Depot*, Winners, Swiss Chalet Home Depot*, Winners, Sport Chek, Best Buy, Sobeys, Golf Town Etobicoke, ON 100.0 166,276 171,396 - Marshalls, PetSmart, Bouclair Etobicoke Etobicoke, ON 99.3 294,725-135,000 Rexdale Etobicoke, ON 100.0 35,174 194,210 126,083 Guelph Guelph, ON 100.0 280,357 310,809 110,000 Hamilton South Hamilton, ON 100.0 208,631 52,700 - Huntsville Huntsville, ON 96.9 125,008 264,376 68,837 Walmart Supercentre, Home Depot*, Best Buy, Sport Chek, Old Navy Walmart Supercentre*, Dollarama, Bank of Nova Scotia Walmart Supercentre, Home Depot*, HomeSense, Michaels, Dollarama, CIBC Walmart Supercentre, Shoppers Drug Mart, LCBO, Moores, CIBC, Bulk Barn, The Beer Store Walmart Supercentre, Your Independent Grocer*, Dollar Tree Kapuskasing Kapuskasing, ON 100.0 65,683 340,736 - Walmart, Reitmans Laurentian Power Centre Kitchener, ON 100.0 185,993 194,564 220,978 London East Argyle Mall London, ON 100.0 343,543 101,854 - London North ** London Northwest Markham Woodside ** London, ON 97.8 237,236-108,262 London, ON 100.0 36,214 261,834 - Markham, ON 100.0 179,915 - - Target, Rona*, Zehrs*, Staples, Home Outfitters, CIBC Walmart, No Frills, Winners, Staples, Sport Chek, GoodLife Fitness Walmart Supercentre, Canadian Tire*, Future Shop, Winners, Sport Chek Boston Pizza, Montana's, Bank of Montreal, TD Canada Trust, RBC Home Depot, Longo's*, Winners, Staples, Chapters, Michaels, La-Z- Boy, LCBO December 2012 Supplemental Information Package 17

Individual Property Summary Property Location Occupancy Non-Owned Anchors and Major Tenants Milton Walmart Centre** Milton, ON 100.0 89,992 334,669 263,400 Mississauga (Erin Mills) Mississauga (Go Lands) ** Mississauga (Meadowvale) Mississauga, ON 100.0 283,823 88,649 - Mississauga, ON 100.0 36,731-115,000 Mississauga, ON 97.1 547,903 129,121 - Napanee Napanee, ON 100.0 109,565 215,269-401 & Weston Power Centre** North York, ON 100.0 172,476 98,570 180,000 Hopedale Mall Oakville, ON 98.2 283,257 128,609 - Orleans Orleans, ON 100.0 384,015-117,136 Oshawa North Oshawa, ON 99.7 500,271 84,861 115,832 Oshawa South ** Ottawa South ** Oshawa, ON 100.0 268,361 110,795 - Ottawa, ON 95.7 261,551 393,572 - Owen Sound Owen Sound, ON 98.4 158,074 171,102 131,000 Pickering Pickering, ON 100.0 546,205-82,000 Richmond Hill ** Richmond Hill, ON 100.0 136,306 161,864 - Rockland Rockland, ON 100.0 140,341 163,807 - Sarnia Sarnia, ON 99.6 342,617 35,108 - Scarborough (1900 Eglinton) Scarborough East St. Catharines West (I) St. Catharines West (II) Scarborough, ON 100.0 380,090 254,693 - Scarborough, ON 99.1 282,156 127,356 - St. Catharines, ON 100.0 402,213-182,132 St. Catharines, ON 100.0 120,438 69,283 - St. Thomas St. Thomas, ON 100.0 222,928 221,327 189,252 Walmart Supercentre*, Canadian Tire*, Indigo, Staples, Bouclair, RBC Walmart Supercentre, No Frills, GoodLife Fitness Real Canadian Superstore*, Toys R Us, TD Canada Trust Walmart Supercentre, Rona, Home Outfitters, Winners, Staples, Michaels Walmart, Dollarama, Mark's Work Wearhouse, EasyHome Real Canadian Superstore*, Canadian Tire, The Brick, Home Outfitters Target, Metro, Shoppers Drug Mart, LCBO, CIBC Walmart Supercentre, Canadian Tire*, Home Outfitters, Future Shop, Shoppers Drug Mart Walmart Supercentre, Loblaws, Home Depot*, Future Shop Walmart Supercentre, Lowe's, Sail, CIBC, Urban Barn, Moores Walmart Supercentre, Loblaws, Cineplex Odeon, Future Shop Walmart Supercentre, Home Depot*, Penningtons, Dollarama Walmart Supercentre, Lowe's, Sobeys, Canadian Tire*, Toys R Us, Winners Walmart Supercentre, Metro, Shoppers Drug Mart Walmart Supercentre, Dollarama, LCBO, Boston Pizza Walmart Supercentre, Winners, Michaels, LCBO, PetSmart, Penningtons Walmart Supercentre, Winners, Mark's Work Wearhouse, LCBO Walmart Supercentre, Cineplex Odeon, LCBO, Reitmans Walmart Supercentre, Real Canadian Superstore*, Canadian Tire*, Home Outfitters, Best Buy The Brick, Michaels, Shoppers Drug Mart, Golf Town, Bouclair Walmart Supercentre, Real Canadian Superstore*, Canadian Tire*, Staples, Dollar Tree December 2012 Supplemental Information Package 18

Individual Property Summary Property Location Occupancy Non-Owned Anchors and Major Tenants Stouffville Stouffville, ON 100.0 163,076-162,633 Sudbury South Sudbury, ON 94.7 233,046 325,691 - Toronto Stockyards Toronto, ON 100.0 8,615-128,194 Westside Mall Toronto, ON 100.0 144,407 - - Rutherford Village Shopping Centre Vaughan (400 & 7) Vaughan, ON 100.0 104,226 197,101 - Vaughan, ON 100.0 252,966 124,989 100,000 Vaughan ** Vaughan, ON 94.0 134,878 48,808 - Welland Welland, ON 97.9 240,663 176,957 98,784 Whitby North Whitby, ON 100.0 277,269 188,680 148,571 Whitby Northeast Whitby, ON 100.0 33,400 170,448 - Windsor South Windsor, ON 100.0 230,886 108,659 - Woodbridge ** Woodbridge, ON 94.8 216,890 488,915 142,073 Woodstock Woodstock, ON 100.0 256,830-93,333 Subtotal Ontario 99.1 13,993,056 8,762,242 4,262,890 Walmart Supercentre*, Canadian Tire, Winners, Staples Walmart Supercentre, LCBO, Mark's Work Wearhouse, Dollarama, Bouclair Walmart*, Bank of Montreal, Citifinancial Canadian Tire, FreshCo., Shoppers Drug Mart, CIBC Sobeys, Pharma Plus, TD Canada Trust Sail, The Brick, Home Depot*, Staples, Value Village, GoodLife Fitness Walmart Supercentre, Future Shop, Home Outfitters Walmart Supercentre, Canadian Tire*, Rona, Mark's Work Wearhouse Walmart Supercentre, Real Canadian Superstore*, LCBO Boston Pizza, Swiss Chalet, Bell World, RBC Walmart Supercentre, Part Source, Dollarama, Super Pet, Moores, The Beer Store Canadian Tire*, Fortinos*, Winners, Best Buy, Toys R Us, Chapters, Michaels Walmart Supercentre, Canadian Tire*, Staples, Mark's Work Wearhouse, Reitmans Quebec Hull ** Hull, QC 100.0 148,260 263,358 227,717 Walmart, Rona*, Famous Players*, Super C*, Winners, Staples Kirkland Kirkland, QC 100.0 207,216 348,810 - Walmart, The Brick Laval East Laval, QC 100.0 528,994 162,101 - Laval West Laval, QC 100.0 588,073-124,000 Magog Magog, QC 100.0 106,976-60,000 Mascouche Mascouche, QC 99.6 407,799 171,973 120,000 Walmart Supercentre, Canadian Tire, IGA, Winners, Michaels, Bouclair Walmart Supercentre, Rona, Canadian Tire*, IGA*, Home Outfitters, Bouclair, Archambault Walmart, Canadian Tire*, TD Canada Trust Walmart Supercentre, Rona*, IGA, Home Outfitters, Winners, Staples, Bouclair December 2012 Supplemental Information Package 19

Individual Property Summary Property Location Occupancy Non-Owned Anchors and Major Tenants Montreal (Decarie) ** Montreal, QC 100.0 112,545 35,483 - Montreal North Montreal, QC 99.2 257,694 - - Place Bourassa Mall Montreal, QC 100.0 277,867 127,087 - Rimouski Rimouski, QC 100.0 243,676 225,385 119,000 Saint-Constant Saint-Constant, QC 100.0 304,922 138,567 95,000 Saint-Jean Saint-Jean, QC 100.0 223,529 183,708 80,000 Saint-Jerome Saint-Jerome, QC 97.8 164,001 133,943 247,500 Sherbrooke Sherbrooke, QC 100.0 210,820-170,000 Valleyfield Valleyfield, QC 100.0 161,941 - - Victoriaville Victoriaville, QC 85.5 27,534 110,019 259,519 Subtotal Quebec 99.7 3,971,847 1,900,434 1,502,736 Walmart, South 95, Baton Rouge, P.F. Chang's, Roots, Sleep Country Walmart Supercentre, IGA, Winners, Dollarama, Mark's Work Wearhouse Zellers, Super C, Pharmaprix, L'Aubainerie, SAQ Walmart, Tanguay*, Super C*, Winners, Future Shop, SAQ Walmart, Home Depot*, Super C, L Aubainerie Concept Mode Walmart, Maxi*, Michaels, Mark's Work Wearhouse, TD Canada Trust Walmart Supercentre*, Home Depot*, IGA, Future Shop, Michaels, Bouclair Walmart, Home Depot*, Canadian Tire*, Best Buy, The Brick, Mark's Work Wearhouse Walmart, Dollarama, SAQ, Reitmans Walmart*, Home Depot*, Maxi*, Winners New Brunswick Saint John Saint John, NB 97.8 271,884 262,620 182,122 Subtotal New Brunswick 97.8 271,884 262,620 182,122 Walmart, Kent*, Canadian Tire*, Winners, Future Shop, CIBC Nova Scotia Colby Village Dartmouth, NS 100.0 152,633 - - Halifax Bayers Lake Centre Halifax, NS 95.0 167,788 150,989 180,000 New Minas New Minas, NS 97.0 46,129 118,972 108,994 Truro Truro, NS 90.9 123,673-60,000 Subtotal Nova Scotia 95.7 490,223 269,961 348,994 Walmart, Atlantic Superstore, Cleves Source for Sports, Pharma Save Zellers*, Atlantic Superstore*, Future Shop, Winners, Bouclair, Reitmans, Addition-Elle Walmart*, Sport Chek, Mark's Work Wearhouse, Bulk Barn, Bank of Nova Scotia Walmart, Kent*, Stitches, Reitmans, Penningtons December 2012 Supplemental Information Package 20

Individual Property Summary Property Location Occupancy Non-Owned Anchors and Major Tenants Prince Edward Island Charlottetown Charlottetown, PE 100.0 202,290 106,352 170,000 Subtotal Prince Edward Island 100.0 202,290 106,352 170,000 Walmart, Canadian Tire*, Home Depot*, Michaels, Future Shop, Old Navy, Gap Outlet Newfoundland Corner Brook Corner Brook, NL 100.0 179,004-135,240 Gander Gander, NL 89.7 25,502 124,524 88,402 Mount Pearl Mount Pearl, NL 97.1 264,764 159,449 165,351 Pearlgate Mount Pearl, NL 92.9 42,951 165,350 - St. John's Central St. John's, NL 100.0 141,322 106,329 310,854 St. John's East St. John's, NL 97.6 365,519 251,910 80,000 Subtotal Newfoundland 97.8 1,019,062 807,562 779,847 Walmart, Canadian Tire*, Dominion (Loblaw)*, Staples, Bulk Barn Walmart*, Penningtons, EasyHome, Bank of Nova Scotia Walmart, Canadian Tire*, Dominion (Loblaw)*, GoodLife Fitness, Staples, Reitmans, CIBC Shoppers Drug Mart, TD Canada Trust, Bulk Barn Walmart*, Home Depot*, Canadian Tire*, Sobeys, Moores, Staples, Dollarama Walmart, Dominion (Loblaw)*, Winners, Staples, Future Shop, Old Navy, Michaels Total Retail Properties 99.0 25,780,081 14,062,701 8,924,602 Industrial / Office Properties Airtech Centre Richmond, BC 95.6 111,488 - - British Colonial Building Toronto, ON 100.0 17,429 - - Total Industrial / Office Properties 96.2 128,917 - - MTU Maintenance, Amre Supply Co., William L. Rutherford, RE/MAX Navigator Limited, Irish Embassy Pubs Inc. December 2012 Supplemental Information Package 21

Individual Property Summary Property Location Occupancy Non-Owned Anchors and Major Tenants Retail Development Lands Quesnel Quesnel, BC - - - 82,316 Walmart* Salmon Arm ** Salmon Arm, BC - - - - Walmart (2) Dunnville Dunnville, ON - - - 129,343 Canadian Tire*, Sobeys* Fort Erie Fort Erie, ON - - - 140,142 Walmart Supercentre*, No Frills* Toronto Premium Outlets (Halton Hills)** Halton Hills, ON - - - - Innisfil ** Innisfil, ON - - - - Mississauga (Dixie and Dundas) Centre Mississauga, ON - - - - - Toronto (Eastern) Centre** Toronto, ON - - - - - Mirabel ** Mirabel, QC - - - - - Montreal Premium Outlets (Mirabel)** Fredericton North Mirabel, QC - - - - - Fredericton, NB - - - 234,906 Walmart*, Canadian Tire*, Kent* Total Retail Development Lands - - - 586,707 Total Portfolio 99.0 25,908,998 14,062,701 9,511,309 * Non-owned anchor. ** Calloway interest indicates Calloway s ownership interest (Calloway owns a 25% interest in Montreal Premium Outlets (Mirabel), a 33.3% interest in Mirabel, a 44.4% interest in 401 & Weston Power Centre, a 49.9% interest in Hull, 50% interests in Aurora North, Chatham, Innisfil, London North, Markham Woodside, Milton Wal-Mart Centre, Montreal (Decarie), Oshawa South, Ottawa South, Richmond Hill, Salmon Arm, Toronto (Eastern) Centre, Toronto Premium Outlets (Halton Hills), and Woodbridge ). (1) Anchors are tenants in excess of 30,000 square feet. (2) Currently in the development phase (Salmon Arm ). December 2012 Supplemental Information Package 22

Notice to Reader Certain statements in this supplemental information package may be considered forward-looking statements within the meaning of existing securities laws. Although Calloway Real Estate Investment Trust ( Calloway or the REIT ) believes that the expectations set forth in such statements are based on reasonable assumptions, Calloway s future operations and its actual performance may differ materially from those in any forward-looking statements. Additional information that could cause actual results to differ materially from these statements are detailed in earnings press releases and in other publicly filed documents, including recent Annual Reports, Annual Information Forms and Quarterly Reports. The information contained herein has been prepared to assist investors in making its own assessment of Calloway and does not purport to contain all of the information that investors may desire. Calloway does not make any representations or warranties as to the accuracy or completeness of this presentation or the information contained herein, or for any omissions from this presentation or any other written or oral communications transmitted to investors in the course of its assessment of Calloway. December 2012 Supplemental Information Package 23

General Information Stock Exchange Listing: The Toronto Stock Exchange (TSX) Trading Symbols: Trust Units CWT.UN 5.75% Convertible Debentures CWT.DB.B Corporate Office: 700 Applewood Crescent, Suite 200 Vaughan, ON, L4K 5X3 Canada Tel: (905) 326-6400 Fax: (905) 326-0783 Senior Management: Al Mawani President and Chief Executive Officer Bart Munn Chief Financial Officer Rudy Gobin Executive Vice President Asset Management Steve Liew Vice President Finance and Acquisitions Mario Calabrese Vice President & Controller Transfer Agent & Registrar: Computershare Share Trust Company of Canada 100 University Avenue, 9 th Floor Toronto, ON, M5J 2Y1 Auditors: PricewaterhouseCoopers LLP PwC Tower 18 York Street, Suite 2600 Toronto, ON, M5J 0B2 Legal Counsel: Osler, Hoskin & Harcourt LLP 100 King Street West 1 First Canadian Place Suite 6100, P.O. Box 50 Toronto, ON, M5X 1B8 December 2012 Supplemental Information Package 24