Mr. Brady Welch reports

SLATE OFFICE REIT SIGNS 15-YEAR, 107,000 SQUARE FOOT LEASE WITH LEADING FINANCIAL TECHNOLOGY COMPANY IN ETOBICOKE, ON

Slate Office REIT has signed a 15-year, 107,000-square-foot lease agreement with a leading Canadian financial technology business at the West Metro Corporate Centre in Etobicoke, Ont. The company plans to move its head office to 195 The West Mall and will occupy a significant portion of the property under the long-term lease.

"We are pleased to welcome an established and innovative tenant at 195 The West Mall," said Brady Welch, interim chief executive officer of Slate Office REIT. "This lease agreement underscores the enduring value that high-quality, well-located office assets represent for growing businesses. In a challenging office market, we have been able to increase occupancy at the property by nearly 20 per cent while extending the average lease term by two years and significantly improving net operating income."

The West Metro Corporate Centre, at a total of 618,044 square feet, is one of the largest properties in the REIT's portfolio, featuring a diverse array of local amenities, such as a restaurant, underground and surface parking, and a fitness centre. The property is located beside Highway 427, with convenient access to Highway 401, the Queen Elizabeth Way and the Gardiner Expressway. In 2020, 195 The West Mall received gold status by the Building Owners and Managers Association (BOMA) in recognition of its rigorous adherence to sustainable building practices.

Chris Burans and Adam Dauphinee of Colliers represented the REIT, and Cathy Strati, Joseph Wise and Tina Stacey of Lennard Commercial Realty represented the tenant in the transaction.

About Slate Office REIT

Slate Office 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.

We seek Safe Harbor.