Keynote Urban Village, Calgary, Alberta

Sale of a 75% Interest in Office Tower and Development Land

December 6, 2012

Balboa Investments Inc. (“Balboa”) is pleased to announce the closing of a significant transaction involving the sale of a 75% interest and formation of a Co-Ownership with a pension fund investor for an office tower and 1.04 acres of land for development in the Keynote Urban Village located in Calgary.

The 14 storey, 283,597 sq. ft. office tower was developed in 2010 by Keynote Development Corporation, a wholly owned subsidiary of Balboa. Currently, 98% of the office tower is leased to anchor tenants AON Canada, CH2M Hill, the Royal Bank of Canada, and Sunterra Market. Keynote Urban Village covers a full city block in the Beltline district between the primary one way arteries of Macleod Trail and 1st Street SE, and 11th Avenue and 12th Avenue. Future development plans for a 17 storey office Tower Two are in process for the east portion of the site. This will complete the full mixed use master plan which also includes two residential condominium towers that were not included in this transaction.

The Keynote Urban Village represents Balboa’s leadership as a creative and transformative real estate development. The Keynote transaction supports Balboa’s strategy of pursuing commercial investments and developments throughout Canada with strategic partners who share its vision.

Triovest Realty Advisors Inc. played a vital role in this transaction by providing advisory services to both the purchaser and Balboa, as vendor. In addition, the Co-Owners have engaged Triovest to provide ongoing asset management, property management and development management services for the property.