Ms. Kassandra Antunes reports

BTB REIT UPDATES UNITHOLDERS WITH RESPECT TO REVISED OFFER TO PURCHASE UNITS BY EWING MORRIS

BTB Real Estate Investment Trust has acknowledged the revised offer by Ewing Morris Fleetwood LP to purchase up to an aggregate of eight million units of BTB to increase the price being offered from $3.80 per unit to $4.10 per unit in cash and to extend the expiry time set forth in the original offer to 5 p.m. Eastern Standard Time on Oct. 15, 2025.

The BTB board of trustees, after consultation with its legal and financial advisers, has unanimously determined to make no recommendation as to whether unitholders should accept or reject the revised offer.

The board encourages unitholders to make their own decisions regarding whether to accept the revised offer and to consult their financial and tax advisers before making a decision.

No unitholder is required to accept or tender their units to the revised offer. A unitholder is entitled to do nothing and not accept the revised offer.

BTB does not endorse the revised offer, is not associated with Ewing Morris and makes no recommendation as to whether unitholders should tender their units in response to the revised offer.

About BTB Real Estate Investment Trust

BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB invests in industrial, suburban office and necessity-based retail properties across Canada for the benefit of its investors. As of today, BTB owns and manages 73 properties, representing a total leasable area of approximately 6.1 million square feet.