DUNDEE INTERNATIONAL REIT

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DUNDEE INTERNATIONAL 2011 Third Quarter Report Consolidated statements of comprehensive income (unaudited) For the three months ended For the period from April 21, 2011, to (in thousands of Canadian dollars) Note September 30, 2011 September 30, 2011 Investment properties revenue $ 22,548 $ 22,548 Investment properties operating expenses 9,017 9,017 Net rental income 13,531 13,531 Other income and expenses Portfolio management (672) (672) General and administrative (861) (861) Acquisition related gain, net 6 1,171 1,171 Interest expense 17 (5,521) (5,521) Share of net losses from equity accounted investments 8 (25) (25) Interest and other income 10 10 Fair value adjustments to financial instruments 18 (5,754) (5,754) Income before income taxes 1,879 1,879 Income taxes Deferred 19 896 896 Net income 2,775 2,775 Foreign currency translation adjustment 1,784 1,784 Comprehensive income $ 4,559 $ 4,559 See accompanying notes to the consolidated financial statements PAGE 30
Consolidated statement of changes in equity DUNDEE INTERNATIONAL 2011 Third Quarter Report Attributable to unitholders of the Trust Accumulated (unaudited) Retained other (in thousands of Canadian dollars, Number Unitholders’ earnings comprehensive except number of Units) Note of Units equity (deficit) income Total Balance at April 21, 2011 — $ — $ — $ — $ — Units issued 16 800,000 400 — — 400 Net income for the period — — 2,775 — 2,775 Distributions paid 15 — — (2,736) — (2,736) Distributions payable 15 — — (2,924) — (2,924) Public offering of Units 16 43,050,000 430,500 — — 430,500 Distribution reinvestment plan 16 4,127 40 — — 40 Issue costs 16 — (24,078) — — (24,078) Foreign currency translation adjustment — — — 1,784 1,784 Balance at September 30, 2011 43,854,127 $ 406,862 $ (2,885) $ 1,784 $ 405,761 See accompanying notes to the consolidated financial statements PAGE 31
Page 1 and 2: DUNDEE INTERNATIONAL REIT THIRD QUA
Page 3 and 4: Letter to unitholders DUNDEE INTERN
Page 5 and 6: DUNDEE INTERNATIONAL 2011 Third Qua
Page 13 and 14: In-place rental rates The following
Page 17 and 18: euros) is exchangeable for one Unit
Page 19 and 20: The table below highlights the matu
Page 21 and 22: Distributions declared for the peri
Page 23 and 24: Net rental income For the period fr
Page 25 and 26: SECTION III — DISCLOSURE CONTROLS
Page 31: Consolidated balance sheet DUNDEE I
Page 35 and 36: Notes to the consolidated financial
Page 41 and 42: Financial liabilities The Trust cla
Page 49 and 50: Note 9 AMOUNTS RECEIVABLE September
Page 51 and 52: The scheduled principal repayments
Page 53 and 54: Note 15 DISTRIBUTIONS The following
Page 57 and 58: Note 21 SUPPLEMENTARY CASH FLOW INF
Page 59 and 60: The following interest rate sensiti
Page 61 and 62: Fair value of financial instruments
Page 63 and 64: September 30, 2011 CITY STATE GLA O
Page 65 and 66: September 30, 2011 CITY STATE GLA O
Page 67 and 68: Concept and Design: THE WORKS DESIG

DUNDEE INTERNATIONAL REIT

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