An anonymous director reports

G2S2 CAPITAL INC. AGREES TO VOTE IN FAVOUR OF SPECIAL RESOLUTION TO AMEND DECLARATION OF TRUST

Slate Office REIT investor G2S2 Capital Inc. has agreed to vote in favour of the special resolution to approve the amendment to the declaration of trust of the REIT at the special meeting of unitholders to be held on Jan. 15, 2024, subject to certain modifications to the amendment as agreed to by the REIT.

G2S2 agreed to vote in favour of the special resolution put forward for approval by the unitholders, which permits the trustees of the REIT to amend the declaration of trust to give effect to an amendment to remove the leverage restriction in the declaration of trust (as described more fully in the REIT's information circular dated Nov. 23, 2023, and the REIT's previous news releases dated Nov. 14, 2023, and Dec. 28, 2023), subject to the REIT's agreement that it would vary the amendment to the declaration of trust to provide that the removal of the restriction shall only apply until Dec. 31, 2025.

With the support of G2S2, the REIT expects that the special resolution will be approved at the meeting.

In connection with the negotiations leading to the agreement above, the REIT and G2S2 also agreed to amend the existing settlement agreement dated Feb. 16, 2023, between the REIT and G2S2 to provide for a reduction in the size of the REIT's board to six trustees (currently eight) at the REIT's upcoming annual general meeting and to terminate certain restrictions applicable to G2S2 therein, including restrictions on G2S2 acquiring additional securities of the REIT. In addition, G2S2 has agreed to provide credit support for certain obligations that the REIT has undertaken in connection with its pursuit of leasing opportunities, such as tenant inducements.

About Slate Office REIT

Slate Office REIT is a global owner and operator of high-quality workplace real estate. The REIT owns interests in, and operates a portfolio of, strategic and well-located real estate assets in North America and Europe. The majority of the REIT's portfolio comprises government and high-quality credit tenants. The REIT acquires quality assets at a discount to replacement cost, and creates value for unitholders by applying hands-on asset management strategies to grow rental revenue, extend lease term and increase occupancy.

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