Mr. Kevin Salsberg reports

OXFORD PROPERTIES AND CT REIT ANNOUNCE MAJOR RETROFIT AT CANADA SQUARE, ANCHORED BY NEW 20-YEAR OFFICE LEASE WITH CANADIAN TIRE CORPORATION

Oxford Properties Group and CT Real Estate Investment Trust today formed a partnership with Canadian Tire Corp. for a transformative investment to retrofit the existing office buildings at Canada Square, a key midtown Toronto hub.

This Canadian-led partnership includes a 550,000-square-foot, 20-year office lease with Canadian Tire, demonstrating the enduring appeal of centrally located, transit-connected workplaces and representing a major investment in Toronto's urban core.

The redevelopment project represents a combined investment of over $200-million by Canada Square co-owners Oxford and CT REIT. The two office towers at 2180 and 2200 Yonge St. will be retrofitted to deliver 680,000 square feet of highly functional and modernized office space, over 80 per cent of which will be anchored by Canadian Tire. Having operated its head office at Canada Square for over 50 years, Canadian Tire is also investing to build a next-generation headquarters for thousands of employees.

"This is a proud milestone for Canadian Tire and a major reinvestment in a neighbourhood we've called home for more than half a century," said Greg Hicks, president and chief executive officer, Canadian Tire. "We're excited to help transform this vibrant corner of the city. Our employees will be among the thousands who come here each day -- for work, for play and for the ease of new transit connections in every direction."

Originally constructed in the 1960s and 1970s, the 18-storey building at 2180 Yonge St. will undergo internal upgrades and a complete facade renewal, followed by a full renovation of the 17-storey tower at 2200 Yonge St. Construction, which will begin in late 2025, will minimize embodied carbon from the project while introducing significant energy efficiency upgrades in support of LEED certification. The retrofit work will also deliver new employee amenities and approximately 15,000 square feet of modern retail space on Yonge Street, significantly improve the streetscape and offer a refreshed retail experience for the neighbourhood.

"This 'made in Canada' solution which sees the coming together of these great Canadian institutions to revitalize a key hub for Torontonians is a proud moment for OMERS and Oxford," said Blake Hutcheson, president and chief executive officer of OMERS. "This investment represents our ongoing commitment to being a champion for Canada, here at home and around the world. We are proud to put our pensioners' dollars to work to improve our cities while, at the same time, delivering on our obligation to generate returns to pay pensions for our members."

The project will further benefit the community by delivering an upgraded and more accessible TTC entrance on Yonge Street to help local residents and workers more efficiently access Eglinton station.

"Canada Square is a crown-jewel property and a generational asset, and this first step in its redevelopment allows us to begin to unlock its full potential," said Kevin Salsberg, president and chief executive officer, CT REIT. "This major reinvestment exemplifies our commitment to enhancing our assets and providing reliable, durable and growing results for our unitholders. We're building for today while setting the stage for the decades to come."

"This substantial investment at Canada Square is part of Oxford's deep conviction that well-located, high-quality and sustainable workplaces that focus on the employee experience will continue to outperform," said Daniel Fournier, executive chair at Oxford Properties. "A company of Canadian Tire's stature signing a multidecade office lease speaks to the trust our customers have in Oxford to create their ideal workplace. Not only is this an environmentally friendly approach to revitalizing one of the most transit-connected sites in the city, but it brings a substantial amount of employment to the neighbourhood and will benefit Torontonians for generations to come as we continue to advance our long-term plans for Canada Square."

The office retrofit project is an important step toward the planned redevelopment of the 9.2-acre site into a vibrant, mixed-use addition to the community. Oxford and CT REIT continue to advance plans for the west side of the site that contemplate a significant amount of critically needed new rental housing and public open space in one of the city's most transit-connected nodes.

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 comprises over 375 properties totalling more than 31 million square feet of GLA, consisting primarily of net lease single-tenant retail properties across Canada.

About Canadian Tire Corp. Ltd.

Canadian Tire has been a proudly Canadian business since 1922. Guided by its brand purpose, "We are here to make life in Canada better," Canadian Tire has built an expansive national retail presence, exceptional customer brand trust and one of Canada's strongest work forces -- employing, along with its local dealers and franchisees, tens of thousands of Canadians. At its core are retail businesses, each designed to serve life's pursuits: Canadian Tire, offering products spanning living, playing, fixing, automotive, and seasonal and gardening, bolstered by notable banners Party City and PartSource; Mark's, a leading source for casual and industrial wear; SportChek, Hockey Experts, Sports Experts and Atmosphere, offering the best brands of active wear and gear; and Pro Hockey Life, a hockey specialty store catering to elite players. Canadian Tire's banners, brand partners and credit card offerings are unified through its Triangle Rewards loyalty program -- a linchpin of Canadian Tire's customer-driven strategy. With nearly 12 million members, Triangle integrates first party data to deliver valuable rewards and personalized experiences across nearly 1,700 retail and gasoline outlets. Canadian Tire also operates a retail petroleum business and a financial services business and holds a majority interest in CT REIT, a Toronto Stock Exchange-listed Canadian real estate investment trust.

We seek Safe Harbor.