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SpruceLand Properties Inc.

SpruceLand Properties Inc., formerly Spruce Land Developments Ltd. “SpruceLand” or the “Company”), was founded with the construction of a single multi-family project in Slave Lake, Alberta in 1969. The Company grew consistently and, prior to the sale of the vast majority of its real estate assets, had a 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, by special resolution at a meeting of the Company’s shareholders, the Company obtained approval: for the disposition of the majority of its commercial properties and its manufactured home communities (collectively, the “Dispositions”); to liquidate its residual assets, discharge its remaining liabilities and distribute its remaining property in one or more distributions to its shareholders; to seek an order from the Alberta Securities Commission (“ASC”) deeming the Company to no longer be a reporting issuer; and, to subsequently dissolve pursuant to the provisions of the Business Corporations Act (Alberta).  As of June 30, 2016, the Corporation had disposed of 96% of its real estate assets, based on fair value as at December 31, 2015.  The Company continues to hold three remaining real estate assets, all of which are currently listed for sale and which will be sold in due course.  On June 29, 2016, the Company completed an initial cash distribution of $25.00 per common share.  A second distribution is expected to occur mid-to-late 2017.  The Company is proceeding with an application to the ASC to no longer be a reporting issuer.  If SpruceLand has not dissolved on or before March 31, 2017, it will, on or about that date, issue a news release regarding the status of its efforts to complete the dissolution and the anticipated time of its dissolution, and thereafter shall issue a similar new release on a quarterly basis until it dissolves.