Boston, September 24, 191 



To holders of shares in 



The Q,uincy Market Real Estate Trust, 



We hereby make a proposal to the holders of shares 

 of Quincy Market Real Estate Trust to exchange their present 

 stock in that Trust for bonds or preferred stock which it is 

 proposed will "be issued by the Quincy Market Cold Storage & 

 Warehouse Company. 



This exchange will be on the basis of par in pre- 

 sent stock for par in the new securities and will be made 

 without charge to present holders. 



The securities which we herein offer to deliver in 

 exchange for present real estate stock are hereinafter de- 

 scribed. This proposal is offered subject to acceptance by 

 not less than three fourths in value of the shareholders of 

 the Real Estate Trust within thirty days from date and also 

 subject to the approval and issuance by the Quincy Market Cold 

 Storage & Warehouse Company of the proposed new issues of bonds 

 and preferred stock. 



If the proposed exchange of existing shares for the 

 new securities is consummated we will purchase for par net pay- 

 able in cash any shares of the Q,uincy Market Real Estate Trust 

 belonging to shareholders not desirous of making the proposed 

 exchange of securities. 



The bonds above referred to which are to be delivered 

 in exchange for present Quincy Market Real Estate Trust shares 

 will be secured by a first and refunding mortgage on all of the 

 real estate now owned by the Quincy Market Real Estate Trus+. 

 It will be the direct obligation of the Q,uincy Market Cold Stor- 

 age & Warehouse Company to which the real estate and mchinery 

 now owned by the Q,uincy Market Real Estate Tust will be conveyed. 



