SpruceLand Properties Inc.

SpruceLand Properties Inc. was founded with the construction of a single multi-family project in Slave Lake, Alberta in 1969. The Company grew consistently and, prior commencing windup, had a $100 million plus diversified portfolio of revenue producing properties including office, retail and industrial buildings and manufactured home parks, in numerous communities in Western Canada.  On March 10, 2016, the Company’s shareholders approved the sale of its assets, distribution of the net proceeds and windup of the Company.  At that time, the Company’s shares were trading in the $22.00 range; Management estimated that dissolution would result in a net distribution of $38.00-$40.00 per share.  The Company was dissolved on November 4, 2020, by which time total distributions to the shareholders were $46.55 per share.  The original shareholders had effectively paid $0.33 per share (considering a subsequent share split).  All shareholders received annual dividends in the years preceding the windup. The success of SpruceLand is a tribute to the collective efforts of all involved in the founding and building of the Company over time.

Steve Cribb

President & CEO