Mr. Dennis Mitchell reports

GLOBAL REAL ASSETS TRUST COMPLETES OFFERING OF PREFERRED UNITS

Global Real Assets Trust has completed its offering of two million 6.85 per cent cumulative redeemable Series 1 preferred units at an offering price of $25.00 per preferred unit for gross proceeds of $50-million. The offering was conducted by a syndicate of agents led by CIBC World Markets Inc., National Bank Financial Inc. and Scotia Capital Inc., and including BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Canaccord Genuity Corp., iA Private Wealth Inc., Raymond James Ltd., Hampton Securities Ltd., Richardson Wealth Ltd., Ventum Financial Corp., Wellington-Altus Private Wealth Inc., CI Investment Services Inc., Desjardins Securities Inc., Manulife Wealth Inc. and Research Capital Corp.

The trust's investment objective is to provide unitholders with cash distributions and long-term capital appreciation through exposure to institutional quality real assets in the global real estate and global infrastructure sectors, and to a lesser extent, the global diversified equity sector.

The investment objectives for the preferred units of the trust are (i) to provide their holders with fixed cumulative preferential quarterly cash distributions in the amount of 42.8 cents per preferred unit ($1.71 per annum or 6.85 per cent per annum on the issue price of $25.00 per preferred unit); and (ii) on or about May 31, 2031, subject to extension for successive terms of up to seven years as determined by the trustees of the trust, to pay holders of the preferred units the original issue price of $25.00 per preferred unit, through the redemption of each preferred unit held on the preferred unit termination date.

The net proceeds of the offering, after deducting the fees and expenses of the offering, will be used as follows: (i) up to 50 per cent of the net proceeds of the offering will be used to implement a special redemption right for unitholders of the trust in connection with the trust's 2025 reorganization, and (ii) the remainder of the net proceeds will be invested by the trust in accordance with the investment objectives and investment strategies of the trust, subject to the investment restrictions of the trust.

The preferred units are listed on the Toronto Stock Exchange under the ticker GLRA.PR.A.

The offering was completed pursuant to a final prospectus dated May 21, 2026, filed with the securities commissions or similar authorities in each of the provinces and territories of Canada. A copy of the final prospectus is available on SEDAR+.

We seek Safe Harbor.