The document is a statistical summary of commercial real estate in Montreal for Q4 2012. It provides data on inventory, vacancies, and absorption rates broken down by district and property class. Some key details: - Total inventory in the suburbs was over 27 million square feet - Highest overall vacancy rates were in the West Island (15.9%) and St-Laurent (11.1%) districts - Financial Core had the largest inventory in the central area at over 25 million square feet - Absorption was positive in most districts over the past quarter except for Downtown East and East End West

1. CUSHMAN & WAKEFIELD
Statistical Summary - Montreal
2012 - Q4
CENTRAL AREA
CURRENT DIRECT SUBLET OVERALL DIRECT OVERALL DIRECT OVERALL
# OF QUARTER VACANT VACANCT VACANT OCCUPIED OCCUPIED PERCENT PERCENT ABSORP. ABSORP.
DISTRICT CLASS BUILDINGS INVENTORY SPACE SPACE SPACE SPACE SPACE VACANT VACANT SINCE LAST SINCE LAST
(SQ.FT.) (SQ.FT.) (SQ.FT.) (SQ.FT.) (SQ.FT.) (SQ.FT.) (DIRECT) (OVERALL) QUARTER (SQ.FT.) QUARTER (SQ.FT.)
FINANCIAL CORE A 33 16,273,798 851,756 245,373 1,097,129 15,422,042 15,176,669 5.2% 6.7% -3,443 -65,037
B 25 6,655,980 304,527 51,408 355,935 6,351,453 6,300,045 4.6% 5.3% -7,333 14,801
C 19 2,222,813 186,590 23,306 209,896 2,036,223 2,012,917 8.4% 9.4% -12,582 -28,088
TOTAL 77 25,152,591 1,342,873 320,087 1,662,960 23,809,718 23,489,631 5.3% 6.6% -23,358 -78,324
DOWNTOWN WEST A 15 3,097,453 300,680 36,322 337,002 2,796,773 2,760,451 9.7% 10.9% -86,532 -86,532
B 24 2,548,551 162,127 16,880 179,007 2,386,424 2,369,544 6.4% 7.0% 50,228 48,428
C 34 1,907,714 115,230 35,196 150,426 1,792,484 1,757,288 6.0% 7.9% -1,417 -18,611
TOTAL 73 7,553,718 578,037 88,398 666,435 6,975,681 6,887,283 7.7% 8.8% -37,721 -56,715
DOWNTOWN EAST A 7 3,563,300 0 0 0 3,563,300 3,563,300 0.0% 0.0% 0 0
B 11 1,756,419 82,392 12,059 94,451 1,674,027 1,661,968 4.7% 5.4% -4,200 -4,200
C 17 2,188,374 60,036 17,306 77,342 2,128,338 2,111,032 2.7% 3.5% 9,642 136
TOTAL 35 7,508,093 142,428 29,365 171,793 7,365,665 7,336,300 1.9% 2.3% 5,442 -4,064
OLD MONTREAL A 29 2,984,542 235,040 14,668 249,708 2,749,502 2,734,834 7.9% 8.4% -21,457 -21,457
B 28 2,133,889 150,833 34,208 185,041 1,983,056 1,948,848 7.1% 8.7% -22,602 -13,422
C 43 2,641,668 94,425 5,225 99,650 2,547,243 2,542,018 3.6% 3.8% -3,193 -3,193
TOTAL 100 7,760,099 480,298 54,101 534,399 7,279,801 7,225,700 6.2% 6.9% -47,252 -38,072
TOTAL CENTRAL AREA A 84 25,919,093 1,387,476 296,363 1,683,839 24,531,617 24,235,254 5.4% 6.5% -111,432 -173,026
B 88 13,094,839 699,879 114,555 814,434 12,394,960 12,280,405 5.3% 6.2% 16,093 45,607
C 113 8,960,569 456,281 81,033 537,314 8,504,288 8,423,255 5.1% 6.0% -7,550 -49,756
TOTAL 285 47,974,501 2,543,636 491,951 3,035,587 45,430,865 44,938,914 5.3% 6.3% -102,889 -177,175
Guy Massé
Senior Vice-President
514.841.3830
guy.masse@ca.cushwake.com Page 1 of 3

2. CUSHMAN & WAKEFIELD
Statistical Summary - Montreal
2012 - Q4
SUBURBS
CURRENT DIRECT SUBLET OVERALL DIRECT OVERALL DIRECT OVERALL
# OF QUARTER VACANT VACANCT VACANT OCCUPIED OCCUPIED PERCENT PERCENT ABSORP. ABSORP.
DISTRICT CLASS BUILDINGS INVENTORY SPACE SPACE SPACE SPACE SPACE VACANT VACANT SINCE LAST SINCE LAST
(SQ.FT.) (SQ.FT.) (SQ.FT.) (SQ.FT.) (SQ.FT.) (SQ.FT.) (DIRECT) (OVERALL) QUARTER (SQ.FT.) QUARTER (SQ.FT.)
WEST END A 14 1,314,571 52,041 23,305 75,346 1,262,530 1,239,225 4.0% 5.7% -20 8,080
B 51 3,601,222 314,195 57,896 372,091 3,287,027 3,229,131 8.7% 10.3% 26,531 26,531
C 55 3,016,165 150,145 0 150,145 2,866,020 2,866,020 5.0% 5.0% 4,355 4,355
TOTAL 120 7,931,958 516,381 81,201 597,582 7,415,577 7,334,376 6.5% 7.5% 30,866 38,966
ST-LAURENT A 41 3,253,527 318,351 13,273 331,624 2,935,176 2,921,903 9.8% 10.2% 46,440 55,396
B 26 1,192,565 175,100 525 175,625 1,017,465 1,016,940 14.7% 14.7% -12,495 -12,495
C 4 164,740 6,734 0 6,734 158,006 158,006 4.1% 4.1% 0 0
TOTAL 71 4,610,832 500,185 13,798 513,983 4,110,647 4,096,849 10.8% 11.1% 33,945 42,901
LAVAL A 17 1,534,995 97,316 6,879 104,195 1,437,679 1,430,800 6.3% 6.8% 13,362 18,599
B 29 2,012,671 109,712 19,050 128,762 1,902,959 1,883,909 5.5% 6.4% 17,076 17,076
C 7 224,752 20,225 0 20,225 204,527 204,527 9.0% 9.0% 0 0
TOTAL 53 3,772,418 227,253 25,929 253,182 3,545,165 3,519,236 6.0% 6.7% 30,438 35,675
EAST END (EAST) A 20 1,986,293 155,839 68,179 224,018 1,830,454 1,762,275 7.8% 11.3% 40,830 42,815
B 32 1,392,274 111,551 0 111,551 1,280,723 1,280,723 8.0% 8.0% 149 149
C 22 1,311,387 49,816 0 49,816 1,261,571 1,261,571 3.8% 3.8% -604 -604
TOTAL 74 4,689,954 317,206 68,179 385,385 4,372,748 4,304,569 6.8% 8.2% 40,375 42,360
EAST END (WEST) A 19 1,639,842 144,258 65,796 210,054 1,495,584 1,429,788 8.8% 12.8% -19,045 -19,045
B 36 3,849,755 522,106 11,600 533,706 3,327,649 3,316,049 13.6% 13.9% 944 -3,656
C 19 2,036,669 262,510 31,602 294,112 1,774,159 1,742,557 12.9% 14.4% 14,106 10,814
TOTAL 74 7,526,266 928,874 108,998 1,037,872 6,597,392 6,488,394 12.3% 13.8% -3,995 -11,887
Guy Massé
Senior Vice-President
514.841.3830
guy.masse@ca.cushwake.com Page 2 of 3

3. CUSHMAN & WAKEFIELD
Statistical Summary - Montreal
2012 - Q4
SUBURBS
CURRENT DIRECT SUBLET OVERALL DIRECT OVERALL DIRECT OVERALL
# OF QUARTER VACANT VACANCT VACANT OCCUPIED OCCUPIED PERCENT PERCENT ABSORP. ABSORP.
DISTRICT CLASS BUILDINGS INVENTORY SPACE SPACE SPACE SPACE SPACE VACANT VACANT SINCE LAST SINCE LAST
(SQ.FT.) (SQ.FT.) (SQ.FT.) (SQ.FT.) (SQ.FT.) (SQ.FT.) (DIRECT) (OVERALL) QUARTER (SQ.FT.) QUARTER (SQ.FT.)
VERDUN-LaSALLE A 12 1,508,600 13,510 0 13,510 1,495,090 1,495,090 0.9% 0.9% -960 -960
B 2 95,000 23,593 0 23,593 71,407 71,407 24.8% 24.8% 0 0
C 2 66,000 5,751 0 5,751 60,249 60,249 8.7% 8.7% 3,692 3,692
TOTAL 16 1,669,600 42,854 0 42,854 1,626,746 1,626,746 2.6% 2.6% 2,732 2,732
WEST ISLAND A 22 1,379,732 182,401 20,794 203,195 1,197,331 1,176,537 13.2% 14.7% 7,855 10,373
B 5 137,000 38,990 0 38,990 98,010 98,010 28.5% 28.5% -9,126 -9,126
C 2 52,560 7,159 0 7,159 45,401 45,401 13.6% 13.6% 0 0
TOTAL 29 1,569,292 228,550 20,794 249,344 1,340,742 1,319,948 14.6% 15.9% -1,271 1,247
SOUTH SHORE A 26 1,950,563 142,146 12,465 154,611 1,808,417 1,795,952 7.3% 7.9% -19,012 -2,482
B 28 1,199,227 95,307 0 95,307 1,103,920 1,103,920 7.9% 7.9% 15,787 15,787
C 2 75,000 1,375 3,102 4,477 73,625 70,523 1.8% 6.0% 0 -3,102
TOTAL 56 3,224,790 238,828 15,567 254,395 2,985,962 2,970,395 7.4% 7.9% -3,225 10,203
TOTAL SUBURBAN AREA A 171 14,568,123 1,105,862 210,691 1,316,553 13,462,261 13,251,570 7.6% 9.0% 69,450 112,776
B 209 13,479,714 1,390,554 89,071 1,479,625 12,089,160 12,000,089 10.3% 11.0% 38,866 34,266
C 113 6,947,273 503,715 34,704 538,419 6,443,558 6,408,854 7.3% 7.8% 21,549 15,155
TOTAL 493 34,995,110 3,000,131 334,466 3,334,597 31,994,979 31,660,513 8.6% 9.5% 129,865 162,197
TOTAL SURVEY AREA A 255 40,487,216 2,493,338 507,054 3,000,392 37,993,878 37,486,824 6.2% 7.4% -41,982 -60,250
B 297 26,574,553 2,090,433 203,626 2,294,059 24,484,120 24,280,494 7.9% 8.6% 54,959 79,873
C 226 15,907,842 959,996 115,737 1,075,733 14,947,846 14,832,109 6.0% 6.8% 13,999 -34,601
TOTAL 778 82,969,611 5,543,767 826,417 6,370,184 77,425,844 76,599,427 6.7% 7.7% 26,976 -14,978
Guy Massé
Senior Vice-President
514.841.3830
guy.masse@ca.cushwake.com Page 3 of 3