INVESTOR PRESENTATIONJune 2015

ADVANCINGADVANCINGOUR STRATEGYOUR STRATEGY

“Safe Harbour” Disclosure and Confidentiality Statement

Forward-looking InformationThis presentation contains forward looking statements that reflect the current expectations of management of Crombie about Crombie's future results, performance, achievements, prospects and opportunities. Wherever possible, words such as “continue”, "may", "will", "estimate", "anticipate", "believe", "expect", "intend" and similar expressions have been used to identify these forward looking statements, and include statements regarding: the impact of the Acquisition on the REIT’s property portfolio, including without limitation the effects on NOI, GLA, annual minimum rent and weighted average lease term and the accretive effects of the Acquisition, These statements reflect current beliefs and are based on information currently available to management of Crombie. Forward looking statements necessarily involve known and unknown risks and uncertainties.

A number of factors, including the risks discussed in the 2014 annual Management Discussion and Analysis under "Risk Management", could cause actual results, performance, achievements, prospects or opportunities to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and a reader should not place undue reliance on the forward looking statements. There can be no assurance that the expectations of management of Crombie will prove to be correct.

Readers are cautioned that such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from these statements. Crombie can give no assurance that actual results will be consistent with these forward-lookingstatements.statements.

Non-IFRS MeasuresCertain terms used in this presentation, such as AFFO and NOI, are not measures defined under International Financial Reporting Standards (“IFRS”) and do not have standardized meanings prescribed by IFRS. AFFO and NOI should not be construed as an alternative to net earnings or cash flow from operating activities as determined by IFRS. AFFO and NOI, as presented, may not be comparable to similar measures presented by other issuers. Crombie believes that NOI and AFFO are useful in the assessment of its operating performance and that this measure is also useful for valuation purposes and is a relevant and meaningful measure of its ability to earn and distribute cash to unitholders. Examples of reconciliations of AFFO to the most directly comparable measure calculated in accordance with IFRS are provided in the MD&A of Crombie for the years ending December 31, 2014 and December 31, 2013.

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Senior Management

� Donald Clow, FCA

� President and Chief Executive Officer since 2009

� Joined ECL Developments Limited as President in 2007

� Previously an owner/developer with Southwest Properties Ltd.

� Glenn Hynes, FCA

� Chief Financial Officer and Secretary since 2010; Executive VP (2014)

� Executive VP & CFO of Sobeys Inc. (2001 – 2005); Executive VP Corporate Development (2005-2006)� Executive VP & CFO of Sobeys Inc. (2001 – 2005); Executive VP Corporate Development (2005-2006)

� Previously CFO of Blue Wave Energy and Gammon Gold

� Jeff Downs, CA

� Vice President Financial Analysis and Treasury since 2013; With Crombie since IPO

� Previously with Sobeys Inc. (2000-2005) in Regional and National Finance Director Roles

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Investment Highlights

� Focus on grocery and drug store anchored retail; reliable and defensive asset class

� Diversified portfolio of 255 properties

� Occupancy consistent over ten years and currently 94.1%

� Industry leading average lease term of 11.7 years; no more than 10% of leases mature in a single year

� Strategic relationship with Sobeys/Empire – Right of First Refusal on all Sobeys property dispositions� Strategic relationship with Sobeys/Empire – Right of First Refusal on all Sobeys property dispositions

� Unencumbered assets valued at approximately $765 million

� Debt to fair value of 52.2% and interest coverage of 2.62x

� Growth from $900M in assets at IPO to $4B today; Driven primarily by Empire/Sobeys relationship that has provided close to $2B in acquisition pipeline activity

� Crombie is committed to becoming a regular issuer of unsecured debt as part of our capital structure

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Crombie Strategy – Guiding Principles� Accretive Growth

� Focus on acquiring high quality assets in Canada’s top 36 markets

� Focus on grocery or drugstore anchored retail

� Optimize strategic relationships with Sobeys and others

� Portfolio Optimization

� Strong asset management

� Position existing properties to maintain or grow share in their markets

� Prudent increase in Development Activity and Investment

� More dispositions / capital recycling

� Improve operational effectiveness to grow NOI, FFO, AFFO and EBITDA

� Great People

� Strong talent management focus

� Right person, right place, right time philosophy

� Strong Balance Sheet

� Greater liquidity and financial flexibility

� Optimize cost of capital

� Leverage strong bank relationships and investment grade credit rating

� Debt to gross book value of 52.2% on a fair value basis

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Aligned Strategic Crombie/Empire/Sobeys Relationship

� Crombie and Empire/Sobeys have enjoyed a closely aligned strategic relationship since Crombie’s IPO in 2006

� Crombie has a Right of First Refusal (ROFR) on all property dispositions by Sobeys

� Purchase of 76 Safeway properties was pursuant to this ROFR

� Sobeys Development Pipeline provides acquisition opportunities of approximately $100 million annually

� Empire has participated in each Crombie public offering of Units and holds a 40.2% fully diluted ownership position today

� Crombie has grown since IPO primarily through its strategic, sustainable competitive advantage of the Sobeys property development pipeline

� 175 properties acquired totaling $1.95 billion since IPO

� Crombie provides property management services to Empire/Sobeys for portions of their owned real estate

� Strong operational synergies shared by both Empire/Sobeys and Crombie

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Safeway Transaction Impacts

� Crombie is a national real estate landlord

� Safeway transaction added properties located in British Columbia, Alberta, Saskatchewan and Manitoba

� Improved geographic diversification which reduces overall operating risk

� 61% of acquired NOI generated in Vancouver, Edmonton, Calgary and Winnipeg

� Significantly strengthened Crombie’s position in Western Canada

� Added 3 million square feet of gross leasable area, greatly diversifying Crombie’s portfolio

� 80% of Safeway NOI located in Canada’s Top 36 markets vs. 60% of pre-Safeway Crombie portfolio

� Absolutely core to Crombie’s grocery/drug anchored centre strategy

� Positions Crombie closer to a pure play retail REIT� Positions Crombie closer to a pure play retail REIT

� Consistent with Crombie’s strategy of acquiring grocery or drug-store anchored locations in top Canadian markets

� Retail and Mixed Use portfolio currently 96% of total annual minimum rent

� Leverages Crombie’s existing relationship with Sobeys and Empire

� Average lease term 11.7 years at Q1 2015

� Adds to unencumbered asset base totaling approximately $765 million as at Q1 2015

� All properties are fully integrated with a Regional VP in place in Calgary

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�� 255 Properties at March 2015255 Properties at March 2015

�� 17.4 17.4 million feet of GLAmillion feet of GLA

�� A A National platformNational platform

Retail – Plaza

Retail – Enclosed

Retail – Freestanding

Mixed – Use

Office

Safeway – Plaza

Safeway – Freestanding

Crombie’s Enhanced Portfolio

Alberta

87

3 1

Saskatchewan

32 2011

Ontario

Quebec

10 12

4 22 6

Newfoundland and Labrador

PEI

1

Nova Scotia

1644

15

6 4

New Brunswick

9 92

1

2

Manitoba

1

British Columbia

23

9

4

18

4

10

9

8

11

40.4%

18.2%

7.1%

Geographically Diverse Portfolio

As at Q1 2015

Geographic Diversification by % of Annual Minimum Rent

34.3%

Atlantic West ON QC

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High Quality & Stable Cash FlowQuality tenants� Approximately 63% of annual minimum rent derived from investment grade tenants

� A large portion of recent acquisitions are investment grade tenants

� Approximately 75% of $394 million 2012 acquisitions, 100% of 2013 Safeway Acquisition and greater than 90% of 2014 acquisitions were investment grade tenants

� Approximately 80% of annual minimum rent is derived from national and regional tenants

Same asset NOI growth� Same asset cash NOI grew by 2.5% for 2012, 1.9% for 2013 , 1.4% for 2014 and 0.3% for Q1 2015.

Safeway acquisition provides 1.5% average annual growth

� Focus is on driving occupancy, base rent escalation, improved recoveries and greater asset � Focus is on driving occupancy, base rent escalation, improved recoveries and greater asset management capital activity

Strong Anchor Tenant: Sobeys� Second largest grocery anchor in Canada (approximately $22B in sales after Safeway acquisition)

� Investment grade rated by S&P and DBRS

� Solid same store sales growth

� Growing national footprint (1500+ stores post-acquisition)

� A strategic development pipeline advantage not possessed by our peers

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Defensive Portfolio

� Approximately 88% of properties are grocery or drugstore anchored

� “Everyday Needs” retailing less risky than fashion and internet exposed retailing

� Strong credit-worthy tenants coupled with long average lease term of 11.7 years and average debt maturities of 6.5 years

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Strong Tenant Relationships

LARGEST TENANTS

March 31, 2015

Tenant % of AnnualMinimum

Rent

Average Remaining Lease Term

(years)

Total Area Leased (Sq Ft)

DBRS Credit Rating

Sobeys Stores 50.1% 15.0 8,479,690 BBB (low)

Shoppers Drug Mart 6.0% 12.4 612,202 BBB

Cineplex 1.5% 10.4 270,520

Province of Nova Scotia 1.3% 3.7 280,637 A(H)

� Approximately 63% of annual minimum rent comprised of investment grade tenants

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CIBC 1.2% 15.0 188,098 AA

Lawtons/Sobeys Pharmacy 1.1% 12.2 172,509 BBB (low)

GoodLife Fitness 1.1% 12.1 211,075

Bank of Nova Scotia 1.0% 3.6 138,701 AA

Best Buy Canada Ltd 1.0% 6.4 140,012

Dollarama 0.9% 6.1 198,202 BBB

Other 34.8% 6,750,209

Total 100% 11.7 17,441,855

Significant Property & GLA Growth With Steady Occupancy

7,161 7,458 7,954

11,180 11,205 11,983

12,598

14,053

17,558 17,379 17,442

93.9% 93.6% 93.6%94.9% 94.7% 95.8% 94.7%

93.2% 93.2% 94.0% 94.1%

9,000

12,000

15,000

18,000

21,000

70.0%

80.0%

90.0%

100.0%

Po

rtfo

lio

GLA

in

00

0s

of

Sq

. Ft

.

Occu

pa

ncy

� 10.4% compound average annual growth in GLA since IPO

As at March 31, 2015

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44# of Properties 11347 52 113 170138130 249 255

7,161

3,000

6,000

50.0%

60.0%

IPO 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1 2015

Po

rtfo

lio

GLA

in

00

0s

of

Sq

. Ft

.

255

Existing Portfolio – Growing Retail Focus

86.1% 87.4% 91.0% 91.0% 92.3% 92.9% 94.0% 95.5% 95.7% 95.7%

20%

40%

60%

80%

100%

% o

f A

nn

ua

l M

inim

um

Re

nt

� Predominately all acquisitions since IPO have been retail assets acquired on an accretive basis

� Retail and Mixed Use has increased 9.6% to 95.7% of Crombie’s total annual minimum rent since the IPO

� Grocery and drug store anchored retail is a reliable and defensive asset class

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0%

2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1 2015

Retail & Mixed Use Office

Conservative Lease Maturity Profile: <10% Annually

2015 2016 2017 2018 2019 Thereafter Total

Number of Maturing Leases 141 187 171 163 171 685 1,518

Renewal Sq. Ft. (in 000s) 448 947 856 651 853 12,653 16,408

% of Total GLA Maturing 2.6% 5.4% 4.9% 3.7% 4.9% 72.6% 94.1%

2008 2009 2010 2011 2012 2013 2014

Historic Weighted Average Lease Term (in years)

10.6 10.1 10.2 10.3 9.9 12.1 11.8

� Crombie manages its lease maturity profile so that no more than 10% of all leases mature in a single year

� Long term grocery and drug store lease terms enable Crombie to have amongst the longest remaining lease term (11.7 years at March 31, 2015) in the Canadian REIT space

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Historic Weighted Average Lease Term (in years)

Debt Maturity Profile

12 Months Ended March 31Weighted

Average

Interest

Rate

Weighted

Average Term to

Maturity(in thousands of CAD dollars) 2016 2017 2018 2019 2020 Thereafter Total

Fixed Rate Mortgages

Principal Payments $46,954 $43,367 $41,539 $40,160 $40,623 $163,759 $376,402 4.77% 7.3

Maturities $52,466 $59,978 $49,099 $31,268 $183,306 $715,055 $1,091,172

Weighted Average Maturing Interest

Rate4.62% 4.28% 4.10% 3.96% 4.01%

Bank Credit Facility $92,887 $92,887 2.60% 3.3

Unsecured Notes

Series A $175,000 $175,000 3.986% 3.6

Series B $100,000 $100,000 3.962% 6.2

Series C $125,000 $125,000 2.775% 4.8

� Longer weighted average term to maturity than most peers reducing near term refinancing risk

� Excluding bank credit facility, no more than 16.7% of total debt outstanding matures in each of the next five years

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Series C $125,000 $125,000 2.775% 4.8

Convertible Debentures

Series D $60,000 $60,000 5.00% 4.5

Series E $74,400 $74,400 5.25% 6.0

Total $99,420 $103,345 $265,638 $224,315 $348,929 $1,053,214 $2,094,861 4.47% 6.5 years

% of Total Debt 4.7% 4.9% 12.7% 10.7% 16.7% 50.3% 100.0%

Investment Highlights

Crombie as a key part of a core Debt investment portfolio

1. Diversified, low risk and defensive portfolio

2. Investment grade rating

3. High quality cash flow

4. Proven growth track record while maintaining strong credit metrics

5. Strong capital structure, moderate leverage and ample liquidity

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