Exchange Bulletin

PRO REAL ESTATE INVESTMENT TRUST ("PRV.UN") ("PRV.WT")
BULLETIN TYPE: Prospectus-Trust Unit Offering, New Listing-Warrants, Private
Placement- Non-Brokered, Shares for Bonuses
BULLETIN DATE: October 1, 2014
TSX Venture Tier 1 Company

Prospectus-Trust Unit Offering

Effective September 25, 2014 the Issuer's Short Form Prospectus dated September
25, 2014 was filed with and accepted by TSX Venture Exchange (the "Exchange") and filed and receipted by the securities regulatory authorities in each of the provinces on Canada, pursuant to the provisions of the applicable Securities Act.

Underwriters: Canaccord Genuity Corp., National Bank Financial Inc., Scotia
Capital Inc.,TD Securities Inc., GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc. and Dundee Securities Ltd.

Offering: 8,700,000 Offered Units. Each Offered Unit is composed of one (1) Trust Units of the REIT and one half of one (1/2) Warrant.

Trust Unit Price: $2.30 per Offered Unit

Warrants: 4,350,000 warrants to purchase 4,350,000 Trust Units

Warrants Exercise Price: $2.65 per Trust Unit until March 31, 2017

Underwriters' Commission: Up to 6% of the gross proceeds of the offering in cash (3% for the president's list).

Underwriters' Warrants: N/A

Greenshoe Option: The Underwriters may over-allot the Offered Units in connection with this offering and the Issuer has granted to the Underwriters an option to purchase, for a period of 30 days, additional Offered Units, Trust Units and/or Warrants, for up to 15% of the Offering, at a price of $2.30 per Offered Units, $2.25 per Trust Units and $0.10 per warrant.

For further information, please refer to the Issuer's Short Form Prospectus dated September 25, 2014.

The Exchange has been advised that a total of 9,285,000 Offered Units (e.g.
9,285,000 Trust Units & 4,642,500 warrants), including 585,000 Offered Units pursuant to the exercise of the greenshoe option, have been issued at a price of $2.30 per Offered Units pursuant to the closing of the Offering, for aggregate gross proceeds of $21,355,500.

New Listing-Warrants

Effective at the opening on Thursday October 2, 2014, the Trust Units Purchase
Warrants of the Issuer will commence trading on TSX Venture Exchange. The
Issuer is classified as a "Real Estate" Issuer.

Corporate Jurisdiction: Ontario

Capitalization: 5,729,500 warrants are issued and outstanding

Warrants Exercise Price: $2.65 per Trust Unit until 5:00 p.m. (Montreal Time)
March 31, 2017

Transfer Agent: Equity Financial Trust Company - Toronto & Montréal

Trading Symbol: PRV.WT

CUSIP Number: 742694144

The Warrants are governed by the terms of an indenture entered into on September 30, 2014, between the Issuer and Equity Financial Trust Company, as warrant agent.

The warrants were issued pursuant to a Public Offering Prospectus dated September 25, 2014 of 9,285,000 Offered Units at a price of $2.30 per Offered Unit and a private placement of 2,174,000 Offered Units at a price of $2.30 per Offered Unit, which were accepted for filing by the Exchange on October 1, 2014. Each Offered Unit consists of one Trust Unit and one-half of a Trust Unit Purchase Warrant. Each warrant entitles the holder to purchase one Trust Unit of the Issuer at a price of $2.65 per Trust Unit and will expire at 5:00 p.m. (Montreal Time) on March 31, 2017.

Private Placement- Non-Brokered

TSX Venture Exchange has accepted for filing the documentation with respect to
a Non-Brokered Private Placement:

Number of Trust Units: 2,174,000 Trust Units

Purchase Price: $2.30 per Trust Unit

Warrants: 1,087,000 warrants to purchase 1,087,000 Trust Units.

Warrants Exercise Price: $2.65 per Trust Unit until March 31, 2017

Number of Placees: 1 placee

Insider/Pro Group Participation: N/A

The Issuer confirmed the closing of that Private Placement pursuant to a news release dated September 30, 2014.

Shares for Bonuses

TSX Venture Exchange has accepted for filing the Issuer's documentation in connection with the issuance of 58,992 non-transferable warrants (the "Bonus Warrants") pursuant to the extension of an unsecured loan of $275,786.83 (the "Replacement Loan") (capital of $250,000 and accrued interest of $25,786.83) with Canaccord Genuity Corp. The Replacement Loan will have a maturity of one year and will bear interest at a rate of 8.5% per annum.

The Bonus Warrants will have a maturity of one year and entitle the holder thereof to acquire one Trust Unit at a price of $2.30 per Trust Units for a period of one year.

For further information, please refer to the Issuer's press release dated
September 26, 2014.