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Press release from Marketwire

Calloway Real Estate Investment Trust Redeems 10.25% Series C Debentures

Monday, October 25, 2010

Calloway Real Estate Investment Trust Redeems 10.25% Series C Debentures10:39 EDT Monday, October 25, 2010TORONTO, ONTARIO--(Marketwire - Oct. 25, 2010) - NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICESCalloway Real Estate Investment Trust ("Calloway") (TSX:CWT.UN) announces that it has redeemed all of its outstanding 10.25% Series C Debentures (the "10.25%Debentures"). Calloway redeemed $150,000,000 aggregate principal amount of the 10.25% Debentures. The redemption price of $1,209.59 for each $1,000 principal amount of 10.25% Debentures will be payable upon presentation and surrender of the 10.25% Debentures called for redemption at the corporate trust office of Computershare Trust Company of Canada, 100 University Avenue, 11th Floor, Toronto, Ontario M5J 2Y1, attention: Manager, Corporate Trust Services. About Calloway Calloway Real Estate Investment Trust is an unincorporated open-end real estate investment trust focused on the ownership and development of high quality retail properties.FOR FURTHER INFORMATION PLEASE CONTACT: Simon NyilassyCalloway Real Estate Investment TrustPresident and Chief Executive Officer(905) 326-6400 ext. 7649ORBart MunnCalloway Real Estate Investment TrustChief Financial Officer(905) 326-6400 ext. 7631The TSX neither approves nor disapproves of the contents of this Press Release.