Number of Units Outstanding

Extendicare REIT	Symbol	Number Outstanding (1)
Extendicare REIT Units	EXE.UN	84,121,488
5.70% Convertible Debt (units per $100)	EXE.DB	1,139,300
7.25% Convertible Debt (units per $100)	EXE.DB.A	917,940
(1) as of December 31, 2011

The former Class B limited partnership units of Extendicare Limited Partnership (Exchangeable LP Units) were exchangeable for Extendicare REIT Units on a 1:1 basis at any time prior to November 10, 2011. 

On November 10, 2011, Extendicare LP redeemed all of the Exchangeable LP Units then outstanding in exchange for one REIT Unit for each Exchangeable LP Unit. The redemption price for each Exchangeable LP Unit redeemed by Extendicare LP  shall be an amount equal to the sum of: (a) the closing price of a REIT Unit on the TSX on November 9, 2011; and (b) the amount of all declared and unpaid distributions on such Exchangeable LP Unit as of the date of redemption (being the October distribution of $0.07 per unit). 

The closing price of the REIT Units on the TSX on November 9, 2011 was $7.24, therefore the redemption price per unit was $7.31 ($7.24 + $0.07).

Below is a link to the Notice of Redemption and Letter of Transmittal that has been mailed to all registered holders. The Notice of Redemption also contains tax advice in connection with the redemption.

Notice of Redemption of Exchangeable LP Units effective Nov. 10, 2011
Letter of Transmittal for Redemption of Exchangeable LP Units

The Letter of Transmittal should be sent directly to our transfer agent, Computershare, for processing:    

Computershare Investor Services Inc.
100 University Ave, 9th Floor
Toronto, ON M5J 2Y1.