An anonymous trustee reports

BTB REIT ANNOUNCES THE RENEWAL OF ITS NORMAL COURSE ISSUER BID

The Toronto Stock Exchange (the TSX) has approved the renewal of BTB Real Estate Investment Trust's normal course issuer bid (NCIB) program authorized by its board of trustees to repurchase for cancellation up to 5,969,926 units, representing approximately 7 per cent of the REIT's public float comprised of 85,284,661 units as of Feb. 15, 2024. There were 86,940,067 units issued and outstanding as of Feb. 15, 2024.

The average daily trading volume of BTB's units over the six completed calendar months prior to the date hereof, as calculated in accordance with TSX rules, is 89,628 units. Accordingly, under TSX rules, BTB is entitled to purchase, on any trading day, up to 22,407 units, representing 25 per cent of such average daily trading volume.

The renewal of the NCIB will provide BTB with the ability to repurchase units at its discretion and in accordance with TSX rules from Feb. 29, 2024, to Feb. 28, 2025. Purchases under the NCIB will be made through the facilities of the TSX and/or through alternative Canadian trading systems and in accordance with applicable regulatory requirements.

The REIT's board of trustees has authorized the renewal of the NCIB program because it believes that the purchase for cancellation of units falls within its criteria for capital allocation. The renewal of the NCIB will provide the ability for the trust to purchase units from time to time at its discretion as part of its mandate to increase unitholder value.

In connection with the NCIB, BTB has entered into an automatic unit repurchase plan to facilitate the purchase of units pursuant to the NCIB and under which its broker may purchase units according to a prearranged set of criteria. The plan will enable the purchase of units at any time, including when BTB would not ordinarily be active in the market because of internal trading blackout periods.

Under its previous normal course issuer bid that commenced on Nov. 10, 2022, and expired on Nov. 9, 2023, BTB received the approval of the TSX to repurchase for cancellation up to 5,838,023 units. BTB did not repurchase any of its units under its previous normal course issuer bid program.

About BTB Real Estate Investment Trust

BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is a property owner active in Canada and owns 77 properties, representing a total leasable area of approximately 6.1 million square feet and a total asset value that surpasses $1.2-billion.

BTB offers a distribution reinvestment plan to unitholders whereby the participants may elect to have their monthly cash distribution reinvested in additional units of BTB at a price based on the weighted average price for BTB's units on the Toronto Stock Exchange for the five trading days immediately preceding the distribution date, discounted by 3 per cent.

We seek Safe Harbor.