BACKGROUND

The Avenue Living platform currently consists of four funds: Avenue Living Real Estate Core Trust, Avenue Living Real Estate Opportunity Trust, Avenue Living Agricultural Land Trust and Mini Mall Storage Properties Trust (the “Funds”).

AVENUE LIVING REAL ESTATE CORE TRUST

The Avenue Living Real Estate Core Trust was formed primarily to invest in Avenue Living (2014) LP, which invests in multi-family and commercial real estate investment properties in North America.

The Avenue Living Real Estate Core Trust (the “Core Trust”) is an open-ended mutual fund trust existing under the laws of the Province of Alberta. The Core Trust is a passive investment vehicle that invests in the Avenue Living (2014) LP (the “2014 LP”), an Alberta limited partnership. The 2014 LP invests in and operates residential multi-family and commercial real estate properties in North America. As of October 27, 2017 all property management staff are employed through Avenue Living Communities Ltd. and all non-property management staff are employed through Avenue Living Asset Management Ltd. The general partners of the 2014 LP are Boulevard Real Estate Equities Ltd. and Avenue Living (2014) GP Ltd.

The Core Trust is a non-reporting issuer and is not a registrant.

AVENUE LIVING REAL ESTATE OPPORTUNITY TRUST

The Avenue Living Real Estate Opportunity Trust (the “Opportunity Trust”) is an open-ended mutual fund existing under the laws of the Province of Alberta. The Opportunity Trust is a passive investment vehicle that invests in the Avenue Living Real Estate Opportunity Limited Partnership (the “Opportunity LP”), an Alberta limited partnership. The Opportunity LP invests in and operates residential multi-family and commercial real estate properties in western Canada. The general partner of the Opportunity LP is Avenue Living Real Estate Opportunity GP Ltd.

The Opportunity Trust is a non-reporting issuer and is not a registrant.

AVENUE LIVING AGRICULTURAL LAND TRUST

The Avenue Living Agricultural Land Trust (the “Agricultural Trust”) is a close-ended mutual fund trust existing under the laws of the Province of Alberta. The Agricultural Trust is a passive investment vehicle that invests in the Avenue Living Agricultural Land Limited Partnership (the “Agricultural LP”), an Alberta limited partnership. The Agricultural LP invests in and leases out agricultural lands in Saskatchewan and Alberta. The general partner of the Agricultural LP is Avenue Living Agricultural Land GP Ltd.

The Agricultural Trust is a non-reporting issuer and is not a registrant.

MINI MALL STORAGE PROPERTIES TRUST

Mini Mall Storage Properties Trust (the “Mini Mall Trust”) is an open-ended mutual fund trust existing under the laws of the Province of Alberta. The Mini Mall Trust is a passive investment vehicle that invests into the Mini Mall Storage Properties Limited Partnership (the “Mini Mall LP”), an Alberta limited partnership. The Mini Mall LP invests in and operates self-storage assets in North America. It is managed by its general partner, Mini Mall Storage Properties GP Ltd.

The Mini Mall Trust is a non-reporting issuer and is not a registrant.

AVENUE LIVING ASSET MANAGEMENT LTD.

Avenue Living Asset Management Ltd. (“ALAM”) is a federal corporation incorporated under the Canada Business Corporations Act. ALAM provides asset management services to the various Avenue Living entities, including the Funds and their affiliated partnerships and general partnerships.

AVENUE LIVING COMMUNITIES LTD.

Avenue Living Communities Ltd. (“ALC”) is a federal corporation incorporated under the Canada Business Corporations Act. ALC is an integrated property manager, managing all property operations for the multi-family, commercial, and agricultural assets of the Core Trust and the Opportunity Trust. ALC also provides certain advisory and support services to the Agricultural Trust, and the Mini Mall Trust.