Mr. Michel Leonard reports

BTB REIT ANNOUNCES THE DEPARTURE OF MATHIEU BOLTE, EXECUTIVE VICE PRESIDENT, CHIEF OPERATING OFFICER AND CHIEF FINANCIAL OFFICER

Mathieu Bolte, executive vice-president, chief operating officer and chief financial officer, will be leaving his position on Feb. 23, 2024, to pursue another professional opportunity. He will remain in his role to ensure a smooth transition, including through the announcement of BTB's results for the fiscal year ending Dec. 31, 2023.

"On behalf of the board of trustees and the senior management team, I would like to thank Mathieu for his dedication, which contributed to BTB's significant financial performance improvement. We wish him every success in his future endeavours," said Michel Leonard, president and chief executive officer of BTB.

"I would like to thank Michel for his collaboration and support over the past four years as well as Jocelyn and the members of the board. BTB has been able to evolve through its internal capacity, better geographic positioning and significant growth despite a changing macroeconomic context. I am proud of the teams we have put in place, who will continue to pursue BTB's growth plan and strong positioning," said Mr. Bolte.

BTB has launched a formal search for a replacement for Mr. Bolte.

Note: Next January, the REIT will begin a search process for a candidate to replace Mr. Bolte.

About BTB Real Estate Investment Trust

BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB invests in industrial, off-downtown core office and necessity-based retail properties across Canada for the benefit of its investors. As of today, BTB owns and manages 75 properties, representing a total leasable area of approximately 6.1 million square feet.