KIP REIT REAL ESTATE INVESTMENT TRUST (1169638-M)

Investment Policy

KIP REIT is a REIT established with the principal investment policy of investing, directly and indirectly, in a portfolio of income producing Real Estate used primarily for retail purposes KIP REIT may also invest in other investments as permissible in the REIT Guidelines or as otherwise permitted by the SC, including Real Estate-Related Assets. The nature of KIP REIT's investment shall be long-term, with a period of at least five years, with a focus towards community-centric retail centres. Any material change to the investment policy of KIP REIT must be approved by the Unitholders.