An anonymous representative of Ewing Morris reports

EWING MORRIS ANNOUNCES SUCCESSFUL COMPLETION OF ITS OFFER FOR UNITS OF BTB REAL ESTATE INVESTMENT TRUST

Ewing Morris, on behalf of investment vehicles and accounts managed by it, has completed its all-cash offer to acquire units in the capital of BTB Real Estate Investment Trust at a price of $4.10 per unit for an aggregate cost of approximately $32.8-million.

The offer was oversubscribed, and, as a result, Ewing Morris will take up the deposited units on a proration basis, applying a proration factor of approximately 97.9 per cent. In connection with the completion of the offer, Ewing Morris will take up and pay for units that have been validly tendered and not withdrawn within three business days. Following the take-up and payment for such units, Ewing Morris will own a total of 8,243,100 units, representing approximately 9.85 per cent of BTB's issued and outstanding units.

Payment for the purchased units will be effected by Odyssey Trust Company, the depository for the offer, in accordance with the offer and applicable law. Unitholders of BTB who have validly deposited and not withdrawn their units are not required to take any further action to accept the offer.

The investment reflects Ewing Morris's broader strategy of bringing a private-equity mindset to the public markets -- emphasizing active engagement, alignment of interests and sustainable long-term value creation.

Unitholder questions

Unitholders of BTB who have questions with respect to the completed offer, please contact the depositary or the information agent for the offer at the contact details below.

Sodali & Co.

Toll-free (United States and Canada):  1-888-444-0167

Calls (all regions):  1-289-695-3075

E-mail:  assistance@investor.sodali.com

Odyssey Trust Company

Toll-free (United States and Canada):  1-888-290-1175

Calls (all regions):  587-885-0960

E-mail:  corp.actions@odysseytrust.com

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