1

FocusedFocused

DependableDependable

DurableDurable

Gordon R. CunninghamGordon R. CunninghamCHAIRMANCHAIRMAN

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FocusedFocused

DependableDependable

DurableDurable

Michael EmoryMichael EmoryPRESIDENT & CEOPRESIDENT & CEO

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5

AgendaAgenda

COMPANY OVERVIEW

OUTLOOK

Q1 FINANCIAL RESULTS

6

Forward-Looking StatementsForward-Looking Statements

This presentation may contain “forward looking”information about future events or the REIT’s future

performance. This information, by its nature, is subject to risks and uncertainties that may cause actual events or results to differ materially, including those described

under the heading “Risks and Uncertainties” in our most recently filed AIF. Material assumptions that

underpin any forward-looking statements I make include those described under “Forward Looking Disclaimer” in

our MD&A for the first quarter of 2009.

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The First Six YearsThe First Six Years

8

VisionVision

Consolidate Ownership & OperationConsolidate Ownership & Operation

of Highly Fragmentedof Highly Fragmented

Class I SegmentClass I Segment

of Canadian Urban Office Marketof Canadian Urban Office Market

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9

Enterprise ValueEnterprise Value

20032003

20092009

$125 M$125 M

$1 B$1 BCAGR 39%CAGR 39%

8X GROWTH8X GROWTH Over 6 yearsOver 6 years

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Portfolio GrowthPortfolio Growth

(square feet)(square feet)

GROSS LEASEABLE AREAGROSS LEASEABLE AREA

NUMBER OF PROPERTIESNUMBER OF PROPERTIES 3737 5656 7070 81811414 2222

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11

Market Leading PortfolioMarket Leading Portfolio

MARKETSMARKETS

Current PortfolioCurrent Portfolio

WINNIPEGWINNIPEG

7Properties

7Properties

387,064Sq.Ft.

387,064Sq.Ft.

TORONTOTORONTO

56Properties

56Properties

2,735,244Sq.Ft.

2,735,244Sq.Ft.

MONTRÉALMONTRÉAL

13Properties

13Properties

2,028,958Sq.Ft.

2,028,958Sq.Ft.

QUÉBEC CITYQUÉBEC CITY

5Properties

5Properties

183,445Sq.Ft.

183,445Sq.Ft.

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Executed Our StrategyExecuted Our Strategy

Very Strong PortfolioVery Strong Portfolio

Growing Cash FlowGrowing Cash Flow

Multiple Value Creation OpportunitiesMultiple Value Creation Opportunities

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13

Very Strong PortfolioVery Strong Portfolio

Growing Cash FlowGrowing Cash Flow

Multiple Value Creation OpportunitiesMultiple Value Creation Opportunities

Executed Our StrategyExecuted Our Strategy

VISIONVISION

PLATFORMPLATFORM

OPERATIONAL FIREPOWEROPERATIONAL FIREPOWER

ACCESS TO CAPITALACCESS TO CAPITAL

CREATE UNITHOLDER VALUECREATE UNITHOLDER VALUE

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Financial GrowthFinancial Growth

1.24 1.26

1.51 1.53

1.14 1.18 1.22 1.26 1.32

2004 2005 2006 2007 2008

AFFO/unit (basic) Actual distributions/unit

1.24 1.26

1.51 1.53

1.14 1.18 1.22 1.26 1.32

2004 2005 2006 2007 2008

AFFO/unit (basic) Actual distributions/unit

DISTRIBUTIONSDISTRIBUTIONS

($)($)

1.131.13

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15

50%55%60%65%70%75%80%85%90%95%

100%

Q4 03 Q4 04 Q4 05 Q4 06 Q4 07 Q4 0850%55%60%65%70%75%80%85%90%95%

100%

Q4 03 Q4 04 Q4 05 Q4 06 Q4 07 Q4 08

Consistent High OccupancyConsistent High Occupancy

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High Quality TenantsHigh Quality Tenants

49.4

38.936.5

30.0

24.7 23.526.1

IPO 2004 2005 2006 2007 2008 Q1/09

49.4

38.936.5

30.0

24.7 23.526.1

IPO 2004 2005 2006 2007 2008 Q1/09

TOP 10 TENANTS AS % OF RENTAL REVENUE

TOP 10 TENANTS AS % OF RENTAL REVENUE

CGICGI

DesjardinsDesjardins

CossetteCossette

SAP LabsSAP Labs

MotorolaMotorola

St. Michael’s HospitalSt. Michael’s Hospital

Indigo Books & MusicIndigo Books & Music

Autodesk CanadaAutodesk Canada

Publicis TorontoPublicis Toronto

5.5%5.5%

3.7%3.7%

2.3%2.3%

2.0%2.0%

2.2%2.2%

1.7%1.7%

1.7%1.7%

1.5%1.5%

1.4%1.4%

TOTALTOTAL 26.1%26.1%

TOP 10 TENANTSTOP 10 TENANTS % OF RENTAL REVENUE

% OF RENTAL REVENUE

UbisoftUbisoft 4.1%4.1%

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Diversity by TenantDiversity by Tenant

Media & entertainment

15.7%

Business service & professional

28.9%

Telecom & IT24.0%

Retail (head office & storefront)

15.1%

Government3.0%

Financial services5.9%

Other7.4%

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Lease Maturity ScheduleLease Maturity Schedule

9.4%

19.9%

16.0%14.0% 13.3%

2009 2010 2011 2012 2013

9.4%

19.9%

16.0%14.0% 13.3%

2009 2010 2011 2012 2013

(as % of GLA)(as % of GLA)

AVERAGE OF 14.8% OVER 5 YEARSAVERAGE OF 14.8% OVER 5 YEARS

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EvolutionEvolution

INTERNALIZED PROPERTY MANAGEMENT IN 2005INTERNALIZED PROPERTY MANAGEMENT IN 2005

INTERNALIZED DEVELOPMENT IN 2006INTERNALIZED DEVELOPMENT IN 2006

NOW FULLY INTERNALIZEDNOW FULLY INTERNALIZED

EXPECT TO QUALIFY FOR REIT EXEMPTION FROM TAXATION ON INCOME TRUSTS IN 2011EXPECT TO QUALIFY FOR REIT EXEMPTION

FROM TAXATION ON INCOME TRUSTS IN 2011

Looking ForwardLooking Forward

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Continued Consolidation Continued Consolidation

Committed to consolidating ownership of Class I within our target marketsPlan to expand to other target markets Awaiting exceptional opportunities as a result of current economic conditions

Committed to consolidating ownership of Class I within our target marketsPlan to expand to other target markets Awaiting exceptional opportunities as a result of current economic conditions

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Continued ConsolidationContinued Consolidation

Desirable venue for investmentCorrection underway

Desirable venue for investmentCorrection underway

VANCOUVERVANCOUVER

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23

Adding ValueAdding Value

U P G R A D E

R E D E V E L O P M E N T

I N T E N S I F I C A T I O N

D E V E L O P M E N T

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Adding ValueAdding Value

U P G R A D EU P G R A D E

R E D E V E L O P M E N T

I N T E N S I F I C A T I O N

D E V E L O P M E N T

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Adding Value - UpgradeAdding Value - Upgrade

Reduced number of tenantsImproved tenant qualityBoosted NOI

Reduced number of tenantsImproved tenant qualityBoosted NOI

The Balfour Building3575 Saint-Laurent, MONTRÉAL

The Balfour Building3575 Saint-Laurent, MONTRÉAL

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Adding ValueAdding Value

R E D E V E L O P M E N TR E D E V E L O P M E N T

I N T E N S I F I C A T I O N

D E V E L O P M E N T

U P G R A D E

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96 Spadina AveTORONTO

96 Spadina AveTORONTO

255 Adelaide WTORONTO

255 Adelaide WTORONTO

QRC SouthTORONTOQRC SouthTORONTO

Adding Value - RedevelopmentAdding Value - Redevelopment

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Adding ValueAdding Value

I N T E N S I F I C A T I O NI N T E N S I F I C A T I O N

D E V E L O P M E N T

U P G R A D E

R E D E V E L O P M E N T

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Adding Value - IntensificationAdding Value - Intensification

55 TORONTO PROPERTIES55 TORONTO PROPERTIES

LEASABLE AREALEASABLE AREA

~3 M sq.ftCOVERAGE OF LAND AREA

COVERAGE OF LAND AREA3x

ZONING PERMITSZONING PERMITS

6xPOTENTIALPOTENTIAL

3 M sq.ftCOVERAGECOVERAGE

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RICHMOND ST. E.RICHMOND ST. E.

BRITAIN ST.BRITAIN ST.

GEO

RG

E ST

.G

EOR

GE

ST.

230 Richmond St. E.230 Richmond St. E.

Expanding a Rental PropertyExpanding a Rental Property

134 Peter StreetTORONTO

134 Peter StreetTORONTO

230 Richmond Street EastTORONTO

230 Richmond Street EastTORONTO

DEV

ELO

PMEN

T PO

TEN

TIAL

DEV

ELO

PMEN

T PO

TEN

TIAL

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Adding ValueAdding Value

D E V E L O P M E N TD E V E L O P M E N T

U P G R A D E

R E D E V E L O P M E N T

I N T E N S I F I C A T I O N

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Adding Value - DevelopmentAdding Value - Development

Demandfor

NewHuman Scale

GreenOffice

Buildings

Demandfor

NewHuman Scale

GreenOffice

Buildings

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Adding Value - DevelopmentAdding Value - Development

544 King Street West, TORONTO544 King Street West, TORONTO

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Development UpdateDevelopment Update

Zoning variances134 Peter received

544 King in late May

Focus on 134 Peter

Pre-leasing thresholds required prior to commencement

Zoning variances134 Peter received

544 King in late May

Focus on 134 Peter

Pre-leasing thresholds required prior to commencement

PRUDENT APPROACH MOVING FORWARD PRUDENT APPROACH MOVING FORWARD

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Q1 2009 ResultsQ1 2009 Results

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Funds from OperationsFunds from Operations

$0.44$0.42

Q1/09 Q4/08

$0.44$0.42

Q1/09 Q4/08

FFO/UnitFFO/Unit AFFO/UnitAFFO/Unit

$0.39

$0.34

Q1/09 Q4/08

$0.39

$0.34

Q1/09 Q4/08

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Solid Q1 Leasing ResultsSolid Q1 Leasing Results

Leased area of 97.2%

84% of GLA renewed above in-place rents

Leasing expenditures $8.30/sq. ft.

Maintenance capex $0.03/sq. ft.

Leased area of 97.2%

84% of GLA renewed above in-place rents

Leasing expenditures $8.30/sq. ft.

Maintenance capex $0.03/sq. ft.

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51.048.2

55.2

49.4 49.3

2005 2006 2007 2008 Q1/09

51.048.2

55.2

49.4 49.3

2005 2006 2007 2008 Q1/09$0

$5

$10

$15

$20

$25

$30

$35

$40

2009 2010 2011 2012 20130%

1%

2%

3%

4%

5%

6%

7%

8%

9%$mm % of total

$0

$5

$10

$15

$20

$25

$30

$35

$40

2009 2010 2011 2012 20130%

1%

2%

3%

4%

5%

6%

7%

8%

9%$mm % of total

DEBT TO GROSS BOOK VALUE (D/GBV) RATIO

DEBT TO GROSS BOOK VALUE (D/GBV) RATIO

Durable Financial PositionDurable Financial Position

STRONG LIQUIDITYSTRONG LIQUIDITY

MORTGAGE MATURITY SCHEDULE

MORTGAGE MATURITY SCHEDULE

(%)(%)

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A Class of its Own – Class IA Class of its Own – Class I

Take advantage of proven durabilityRepeat or improve past performanceTake advantage of proven durabilityRepeat or improve past performance

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S T A B I L I T YS T A B I L I T Y

C O M P E T I T I V E A D V A N T A G E S C O M P E T I T I V E A D V A N T A G E S

SummarySummary

Market leading positionLow operating costs

Sought-after building attributes

Market leading positionLow operating costs

Sought-after building attributes

Low pay-out ratiosStrong balance sheet

Limited mortgage maturities

Low pay-out ratiosStrong balance sheet

Limited mortgage maturities

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President & CEOPresident & CEO

MICHAEL R. EMORYMICHAEL R. EMORY

MIKE ALLENMIKE ALLEN

VP & CFOVP & CFO Director Management Information Services

Director Management Information Services

TOM WENNERTOM WENNER

MARIANNE O’LEARYMARIANNE O’LEARY

Experienced Management TeamExperienced Management Team

Executive VPExecutive VP Senior VP, Real Estate Operations

Senior VP, Real Estate Operations

WAYNE L. JACOBSWAYNE L. JACOBS

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Chairman, Cumberland Private Wealth Management Inc.

Chairman, Cumberland Private Wealth Management Inc.

GERALD R. CONNORGERALD R. CONNOR

ROBERT W. MARTINROBERT W. MARTIN

President, KLC Capital Investment CorporationPresident, KLC Capital

Investment Corporation Corporate DirectorCorporate Director

JAMES GRIFFITHSJAMES GRIFFITHS

MICHAEL R. EMORYMICHAEL R. EMORY

Experienced TrusteesExperienced Trustees

Corporate DirectorCorporate Director

GORDON R. CUNNINGHAMGORDON R. CUNNINGHAM

President & CEO of the TrustPresident & CEO of the Trust

DANIEL F. SULLIVANDANIEL F. SULLIVAN

Chartered Accountant and Tax Advisor

Chartered Accountant and Tax Advisor

Consul General of Canada in New York

Consul General of Canada in New York

RALPH T. NEVILLERALPH T. NEVILLE

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Investment StrengthsInvestment Strengths

Pure Play Class I Office REITPure Play Class I Office REIT

Market-Leading Property PortfolioMarket-Leading Property Portfolio

Solid Distribution GrowthSolid Distribution Growth

Exceptional Potential to Add Value Exceptional Potential to Add Value

Skilled & Fully Aligned ManagementSkilled & Fully Aligned Management

FocusedFocused

DependableDependable

DurableDurable