PCL 2019 - MD&A (for the year ended 31 December 2019) 7 U CITY PCL OFFICE SEGMENT BLENDED OFFICE PERFORMANCE METRICS NET FLOOR AREA (NFA) & OCCUPANCY RATE OFFICE BUILDINGS In 2019, the Company acquired

of 638 keys (5 hotels). The increase was partially offset by the discontinuance in operations of the 1,421 keys (9 managed hotels). OFFICE SEGMENT BLENDED OFFICE PERFORMANCE METRICS NET FLOOR AREA (NFA

AUG 2020 U CITY PCL 2Q 2020 - MD&A (for three-month and six-month period ended 30 June 2020) 5 U CITY PCL OFFICE SEGMENT BLENDED OFFICE PERFORMANCE METRICS NET FLOOR AREA (NFA) & OCCUPANCY RATE OFFICE

SEGMENT BLENDED OFFICE PERFORMANCE METRICS NET FLOOR AREA (NFA) & OCCUPANCY RATE 99% BLENDED OCCUPANCY UNDERWOOD STREET RENOVATION COMPLETED Renovation of Underwood Street office building was completed in

credit rating, including, as applicable, the models, financial metrics, assumptions, criteria, or other quantitative or qualitative factors to be used to determine the credit rating. respect to a credit

rating and the analytical framework used to determine the credit rating, including, as applicable, the models, financial metrics, assumptions, criteria, or other quantitative or qualitative factors to be