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Press release from Marketwire

Calloway REIT Declares December 2010 Distribution

Friday, December 17, 2010

Calloway REIT Declares December 2010 Distribution12:10 EST Friday, December 17, 2010TORONTO, ONTARIO--(Marketwire - Dec. 17, 2010) - Calloway Real Estate Investment Trust ("Calloway") (TSX:CWT.UN) announced that the trustees of the REIT have declared a distribution for the month of December 2010 of CDN$0.129 per trust unit, representing CDN$1.548 per unit on an annualized basis. Payment will be made on January 17, 2011 to unitholders of record on December 31, 2010.About CallowayCalloway Real Estate Investment Trust is an unincorporated open-end real estate investment trust created to invest in a geographically diversified portfolio of high quality retail shopping centres in Canada.FOR FURTHER INFORMATION PLEASE CONTACT: Bart MunnCalloway Real Estate Investment TrustChief Financial Officer(905) 326-6400 ext. 7631