An anonymous trustee reports

CT REAL ESTATE INVESTMENT TRUST ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted CT Real Estate Investment Trust's notice of intention to proceed with a normal course issuer bid.

Under the 2023-24 NCIB, CT REIT may, during the 12-month period commencing November 29, 2023 and ending November 28, 2024, purchase up to 3,500,000 CT REIT trust units ("Units"), representing approximately 3.23% of its 108,207,592 issued and outstanding Units as at November 15, 2023. Based on the average daily trading volume on the TSX of 114,944 during the last six months, daily purchases will be limited to 28,736 Units, other than purchases made under block purchase exemptions.

Purchases of Units under the 2023-24 NCIB will be made in open market transactions, at the prevailing market price at the time of purchase, through the facilities of the TSX, through alternative Canadian trading systems or by such other means as may be permitted under applicable securities laws and stock exchange rules. CT REIT may also purchase Units through private agreements if it receives an issuer bid exemption order permitting it to make such purchases. Any purchases of Units made by way of private agreements may be at a discount to the prevailing market price as provided in the relevant issuer bid exemption order. CT REIT's previous NCIB, in respect of which CT REIT sought and received approval from the TSX, authorized the purchase of up to 3,300,000 Units and will expire on November 28, 2023 (the "2022-23 NCIB). A total of 452,141 Units were repurchased through the facilities of the TSX and alternative Canadian trading systems at a volume weighted average price of C$13.9938 per Unit under the 2022-23 NCIB.

Decisions regarding the timing of future purchases of Units will be based on market conditions, Unit price and other factors. CT REIT will not be obligated to acquire any Units under the 2023-24 NCIB, and CT REIT may elect to suspend or discontinue the 2023-24 NCIB at any time. Units purchased under the 2023-24 NCIB will be cancelled. CT REIT believes that the market price of Units could be such that their purchase by it under the NCIB may be an attractive and appropriate use of corporate funds. In effect, the 2023-24 NCIB will provide CT REIT with an incremental capital allocation tool that will allow it to prudently and selectively, in appropriate circumstances, take action in support of unitholder value.

In connection with the 2023-24 NCIB, CT REIT has entered into an automatic securities purchase plan (the "ASPP") with CT REIT's designated broker to allow for the purchase of Units at times when CT REIT ordinarily would not be active in the market due to its own internal trading blackout periods and insider trading rules. Purchases under the ASPP will be made by CT REIT's designated broker based upon parameters set by CT REIT when it is not in possession of any material non-public information about itself or its securities, and in accordance with the terms of the ASPP. The ASPP has been entered into in accordance with the requirements of applicable Canadian securities laws and stock exchange rules.

About CT Real Estate Investment Trust

CT REIT is an unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties located primarily in Canada. Its portfolio is comprised of over 370 properties totalling approximately 30 million square feet of GLA, consisting primarily of net lease single-tenant retail properties located across Canada. Canadian Tire Corporation, Limited is CT REIT's most significant tenant. For more information, visit ctreit.com.

We seek Safe Harbor.