Temple Real Estate Investment Trust : Temple Hotels Inc. Confirms Completion Of Corporate Conversion Of Temple Real Estate Investment Trust

2600 Seven Evergreen Place, Winnipeg, Manitoba R3L 2T3

Tel.: [phone] Fax: [phone] E-mail: [e-mail] Website: www.treit.ca

TEMPLE HOTELS INC. Press Release TEMPLE HOTELS INC. CONFIRMS COMPLETION OF CORPORATE CONVERSION OF TEMPLE REAL ESTATE INVESTMENT TRUST

WINNIPEG, MANITOBA, January 2, 2013 - Temple Hotels Inc. ("Temple") today announced that the statutory arrangement involving the conversion of Temple Real Estate Investment Trust (the "REIT") from a trust to a corporation (the "Corporate Conversion") was completed effective 11:59 p.m. on December 31, 2012. The full particulars of the Corporate Conversion are described in the management information circular of the REIT dated October 9, 2012.
Effective at the opening on Wednesday, January 2, 2013, the following securities of Temple will be listed and posted for trading on the Toronto Stock Exchange under the trading symbols noted below:

Security Trading Symbol

Common Shares	TPH
8.50% Series B convertible redeemable unsecured subordinated debentures	TPH.DB.B
8.00% Series C convertible redeemable unsecured subordinated debentures	TPH.DB.C
7.75% Series D convertible redeemable unsecured subordinated debentures	TPH.DB.D
7.25% Series E convertible redeemable unsecured subordinated debentures	TPH.DB.E

FOR FURTHER INFORMATION PLEASE CONTACT:
Arni Thorsteinson , Chief Executive Officer, or Gino Romagnoli, Investor Relations
Tel: [phone], Fax: [phone], Email: [e-mail]

The Toronto Stock Exchange has not reviewed or approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.