Calloway Real Estate Investment Trust

Calloway Real Estate Investment Trust

March 15, 2005 17:06 ET

Calloway Announces Change Of Directors


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CALLOWAY REAL ESTATE INVESTMENT TRUST

TSX SYMBOL: CWT.UN

MARCH 15, 2005 - 17:06 ET

Calloway Announces Change Of Directors

CALGARY, ALBERTA--(CCNMatthews - March 15, 2005) - Calloway Real Estate
Investment Trust (TSX:CWT.UN) announced that John MacNeil has tendered
his resignation as a Trustee of Calloway. John, who recently left his
position at FirstPro Shopping Centres, was a FirstPro nominee to
Calloway's Board of Trustees and will be replaced on Calloway's Board at
a future time by a new FirstPro nominee. Mr. Al Mawani has been added to
the Board of Calloway as a replacement, independent Trustee effective
March 15, 2005. Mr. Mawani is currently President of Exponent Capital
Partners Inc., a private equity firm. Prior to January 31, 2004, Mr.
Mawani was a Vice- President of IPS Industrial Promotion Services Ltd.,
a private equity firm. Prior thereto, Mr. Mawani was Executive
Vice-President of Business Development for one year and Senior
Vice-President and Chief Financial Officer at Oxford Properties Group
Inc., one of Canada's largest real estate companies, for 10 years.

Mr. Mawani is a chartered accountant and has a MBA from the University
of Toronto. He is a member of the Financial Executives Institute and is
a trustee of IPC US REIT (TSX) and Boardwalk REIT (TSX).

Calloway Real Estate Investment Trust is an unincorporated closed-end
real estate investment trust focused on the acquisition of high quality
retail properties.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Calloway Real Estate Investment Trust
    J. Michael Storey
    President and Chief Executive Officer
    (403) 266-6437
    (403) 266-6522 (FAX)
    Website: www.callowayreit.com
    or
    Calloway Real Estate Investment Trust
    310, 855 - 8th Avenue S.W.
    Calgary, Alberta T2P 3P1
    The Toronto Stock Exchange neither approves nor disapproves of the
    contents of this Press Release.