Code of Conduct

Northern Property Real Estate Investment Trust (NPREIT) is a public company traded on the Toronto Stock Exchange and operates in compliance with all laws, legislation, rules and regulations that govern such companies.

Since its inception, NPREIT has instilled in the trustees and employees of the Trust the need for high ethical standards in its dealing with stakeholders.

NPREIT’s Business Code of Conduct and Ethics (the Code) is applicable to trustees, officers and employees of the Trust and its subsidiaries. The Code focuses on providing standards which are designed to encourage and promote integrity and to minimize or eliminate wrongdoing. It has provisions dealing with the treatment of tenants, securityholders, suppliers and competitors. The Code specifies procedures respecting the proper use of the Trust’s assets. It also has provisions respecting confidentiality of information and conflicts of interest. All NPREIT employees are expected to conduct themselves in accordance with this Code. More detailed instructions may be appropriate for certain geographic regions where NPREIT operates, and employees are encouraged to educate themselves on the local customs and culture in these regions while maintaining standards that are not contradictory to the Code.

NPREIT’s Code of Business Conduct and Ethics is an evolving document which will be amended and updated as appropriate by Board of Trustee authority.