Slate Retail REIT Announces ISS and Glass Lewis Recommendations to Vote in Favour of its Proposed Acquisition of Slate U.S. Opportunity (No. 3) Realty Trust and also Announces Amendments to Deferred Unit Plan

TORONTO, May 5, 2015 /CNW/ - Slate Retail REIT (the "REIT") (TSX:SRT.UN) announced today that the two leading independent proxy advisory firms, Institutional Shareholder Services Inc. and Glass Lewis & Co., LLC, have both recommended that the REIT's unitholders vote "FOR" the previously announced proposed acquisition by the REIT of Slate U.S. Opportunity (No. 3) Realty Trust ("SUSO 3") at the upcoming annual and special meeting of unitholders, which is scheduled for May 13, 2015. The recommendations of these proxy advisory firms are intended to assist unitholders to make informed voting decisions.

The REIT also announced that it has amended its deferred unit plan (the "Plan") to limit non-employee trustee participation in the Plan. Under the amended Plan (i) the number of units of the REIT issuable to non-employee trustees under the Plan at any time may not exceed 1% of the total class U units that are issued and outstanding (on a fully-diluted basis and as adjusted to give effect to the acquisition of SUSO 3); and (ii) the aggregate value of all deferred trust units issued to any non-employee trustee within any one financial year under the Plan may not exceed US$150,000. Such amendments were instituted as the result of discussions with unitholders and their advisors regarding the Plan.

The REIT believes that the Plan, taking account of the abovementioned revisions, improves its corporate governance practices and suitably restricts the participation of non-employee trustees. The board of the REIT has unanimously approved the aforementioned amendments to the Plan. Unitholders will be asked to vote to approve the adoption of the Plan, after giving effect to these amendments, at the upcoming annual and special meeting of unitholders.

Unitholders are encouraged to vote in order to support the resolutions regarding the acquisition of SUSO 3 and the adoption of the Plan. For further information, please contact Blair Welch, Chief Executive Officer, 416 644 4267, or Brady Welch, Chief Financial Officer, 416 644 4263.

About Slate Retail REIT

Slate Retail REIT is an open-ended real estate investment trust focused on U.S. grocery-anchored real estate. The REIT's portfolio includes over 40 properties located primarily across the top 50 U.S. metro markets. The REIT is focused on maximizing value through internal organic rental growth and strategic acquisitions. For more information, please visit www.slateretailreit.com.

About Slate U.S. Opportunity (No. 3) Realty Trust

Slate U.S. Opportunity (No. 3) Realty Trust was established for the primary purpose of indirectly acquiring, owning and leasing a portfolio of diversified revenue-producing commercial real estate properties in the U.S. with a focus on anchored retail properties. SUSO 3 indirectly owns a portfolio of 13 properties.

About Slate Asset Management

Slate Asset Management L.P. is a leading real estate investment platform with over $2.5 billion in assets under management. Slate is a value-oriented company and a significant sponsor of all its private and publicly-traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm's careful and selective investment approach creates long term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a proven ability to originate and execute on a wide range of compelling investment opportunities. More information is available at www.slateproperties.ca.

Forward-Looking Statements

This press release contains forward-looking statements with respect to the REIT and the Plan. These statements generally can be identified by the use of forward-looking words such as "forecast", "may", "will", "would", "expect", "estimate", "anticipate", "intend", "believe" or "continue" or the negative thereof or similar variations. Some of the specific forward-looking statements in this press release include, but are not limited to, statements with respect to the potential acquisition of SUSO 3. The actual results of the acquisition of SUSO 3 discussed herein could differ materially from those expressed or implied by such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. See the risk factors in the public filings of the REIT. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, the failure to receive any required approvals or consents in connection with the SUSO 3 acquisition, the failure to realize expected benefits from the SUSO 3 acquisition and changes in securities or other laws or regulations or the application thereof. The cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. The assumptions made in making forward-looking statements are referred to in the public filings of the REIT.

Unless otherwise stated, all forward-looking statements speak only as of the date of this press release. Except as required by applicable law, the REIT specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Additional information about these assumptions and risks and uncertainties is contained in the REIT's filings with securities regulators, including its latest financial statements and management information circular, copies of which may be obtained on the SEDAR website at www.sedar.com.

SOURCE Slate Retail REIT

Blair Welch, Chief Executive Officer, 416 644 4267; Brady Welch, Chief Financial Officer, 416 644 4263