Objectives and strategy of the REIT

Our specific objectives are to: (i) provide unitholders with stable and growing cash distributions on a tax-efficient basis; (ii) enhance the value of Charter's assets and maximize long-term unit value through the active management of its assets; and (iii) expand the asset base of Charter and increase its cash available for distribution to unitholders. We plan to employ both internal and external growth strategies to achieve these objectives.

Internal growth: Our internal growth strategy will focus on increasing rental income from our properties. We intend to execute this strategy by: (i) actively managing the merchandising mix of each property to keep each property effectively aligned with its consumer market; (ii) leasing vacant space at competitive market rates and the lowest possible transaction cost; (iii) maintaining good relations with retailers and working with them to increase their sales; (iv) making investments in renovations and expansions, and; (v) relying on C.A. Realty Management Inc. (Charter's Manager) to provide value-added asset management and administrative services.

External growth: Our external growth strategy will consist of acquiring retail and mixed-use retail properties. Pursuant to the Management Agreement between Charter and C.A. Realty Management Inc., Charter will rely on the Manager to locate, evaluate and complete acquisitions on its behalf. Our Manager has an extensive network of contacts and relationships within the real estate industry that we expect will provide access to numerous acquisition opportunities. Our external growth strategy will look to create a base of retail assets that provide both a reliable and stable cash flow, and an opportunity for yield growth through re-leasing, re-development and/or development of assets.