Mr. Daniel Drimmer reports

TRUE NORTH COMMERCIAL REIT PROVIDES UPDATE ON STRATEGY TO INCREASE UNITHOLDER VALUE

From Nov. 15, 2023, to Nov. 30, 2023, 135,889 trust units of True North Commercial Real Estate Investment Trust have been repurchased under the normal course issuer bid (NCIB). The repurchase of these units is immediately accretive to the REIT's funds from operations per unit (FFO) and adjusted funds from operations per unit (AFFO).

"Reallocating substantially all distributions paid to unitholders for approximately the next six months to repurchase up to the maximum number of units under the NCIB as part of the REIT's strategy to increase unitholder value has been successful during the first 15 days given the dislocation between the unit price and the underlying value of the REIT," stated Daniel Drimmer, the REIT's chief executive officer. "We will continue to evaluate and exhaust all avenues available to the REIT to increase per-unit value."

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.