Mr. Daniel Drimmer reports

TRUE NORTH COMMERCIAL REAL ESTATE INVESTMENT TRUST ANNOUNCES VOTING RESULTS AND ELECTION OF TRUSTEES

All of the trustee nominees listed in the management information circular dated May 11, 2023, have been elected as trustees of True North Commercial Real Estate Investment Trust. The vote was conducted at the REIT's annual meeting of unitholders, held in virtual meeting form, on June 21, 2023. The voting results of each of the matters considered at the meeting are presented in the attached table.

1. Election of Trustees

Name of Nominee  Votes For        Percent  Votes Withheld Percent

 Lindsay Brand   18,186,009 Units 98.031 % 365,330 Units  1.969 %
 Daniel Drimmer  18,298,116 Units 98.635 % 253,223 Units  1.365 %
 Lora Gernon     18,217,234 Units 98.199 % 334,105  Units 1.801 %
 Martin Liddell  18,185,338 Units 98.113 % 349,808 Units  1.887 %
 Alon Ossip      18,322,551 Units 98.767 % 228,788 Units  1.233 %
 Sandy Poklar    17,988,061 Units 96.964 % 563,278 Units  3.036 %
 Tracy Sherren   18,245,372 Units 98.351 % 305,967 Units  1.649 %

2. Re-Appointment of Auditor

BDO Canada LLP was re-appointed as the auditor of the REIT, to hold office until the next annual meeting of unitholders at remuneration to be fixed by the board of trustees. The voting results for the re-appointment of the auditor are as follows:

                          Votes For        Percent  Votes Withheld Percent

Re-appointment of auditor 18,375,602 Units 99.026 % 180,703 Units  0.974 %

About the REIT

The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT currently owns and operates a portfolio of 46 properties consisting of approximately 5.0 million square feet in urban and select strategic secondary markets across Canada. The REIT is focused on growing its portfolio principally through acquisitions across Canada and such other jurisdictions where opportunities exist.