Mr. Kevin Henley reports

CANADIAN NET REIT ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

Canadian Net Real Estate Investment Trust has received approval from the TSX Venture Exchange for the annual renewal of its normal course issuer bid (NCIB).

For its current NCIB that expires on July 31, 2023, the trust previously sought and received approval from the Toronto Stock Exchange to repurchase up to 1,029,636 units of Canadian Net. The trust purchased 99,400 units over the course of this NCIB.

Under the renewed NCIB, Canadian Net may purchase for cancellation, through the facilities of TSX Venture Exchange, other designated exchanges and/or alternative Canadian trading systems, if in the best interest of the trust, a maximum of 1,026,425 units, which represents approximately 5 per cent of the units in circulation. As of today, the trust has 20,528,502 units issued and outstanding. Over the course of any 30-day period, the trust will not purchase more than 410,570 units in total, which represents 2 per cent of the units issued and outstanding at this present date.

All purchases and settlements of said securities are to be made through the facilities of TSX Venture Exchange, other designated exchanges and/or alternative Canadian trading systems in accordance with their rules and regulations. All units redeemed by the trust pursuant to the NCIB will be cancelled. National Bank Financial will be handling the offer on behalf of the trust. The price paid by the trust for the redemption of these units will be the price of the units at the time of acquisition. The renewed normal course issuer bid will begin on Aug. 1, 2023, and will expire on July 31, 2024.

The board of trustees of Canadian Net believes that the purchase of units through the NCIB represents a valuable use of the financial resources of the trust as these interventions can protect as well as enhance value for unitholders when opportunities arise or in the event of volatility in the unit price.

About Canadian Net Real Estate Investment Trust

Canadian Net is an open-ended trust that acquires and owns high-quality triple-net and management-free commercial real estate properties.

We seek Safe Harbor.