Mr. Daniel Drimmer reports

TRUE NORTH COMMERCIAL REIT ANNOUNCES COMPLETION OF 5.75:1 UNIT CONSOLIDATION

Further to True North Commercial Real Estate Investment Trust's press release dated Nov. 13, 2023, it has completed the consolidation of its trust units, the special voting units of the REIT and the Class B limited partnership units (Class B LP units) of True North Commercial LP on the basis of 1:5.75. At the opening of the Toronto Stock Exchange on Nov. 24, 2023, the units will continue trading under the existing ticker symbol TNT.UN with a new Cusip No.: 89784Y407.

As at the date hereof, and following the consolidation there are 16,003,513 units and 420,887 Class B LP units issued and outstanding. Immediately prior to the consolidation, the REIT had 92,020,251 units and 2,420,164 Class B LP units issued and outstanding. No fractional units or Class B LP units were issued in connection with the consolidation and no cash will be paid in lieu of fractional postconsolidation units or Class B LP units. In the event that a registered unitholder would otherwise be entitled to receive a fractional unit or Class B LP unit upon the consolidation, such fraction was rounded down to the nearest whole number.

A letter of transmittal has been mailed to registered unitholders. The letter of transmittal contains instructions on how registered unitholders can exchange their unit certificates evidencing their preconsolidation units and Class B LP units for new certificates representing the number of postconsolidation units and Class B LP units to which they are entitled.

Beneficial unitholders holding their units or Class B LP units through a brokerage may be subject to different procedures for obtaining their postconsolidation units or Class B LP units. If unitholders have any questions in this regard, they are encouraged to contact their respective brokerage or intermediary.

About True North Commercial Real Estate Investment Trust

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 44 commercial properties consisting of approximately 4.8 million square feet in urban and select strategic secondary markets across Canada focusing on long-term leases with government- and credit-rated tenants.

The REIT is focused on growing its portfolio principally through acquisitions across Canada and such other jurisdictions where opportunities exist. Additional information concerning the REIT is available on SEDAR+ or the REIT's website.