Mr. Daniel Drimmer reports

TRUE NORTH COMMERCIAL REIT PROVIDES UPDATE ON ACCRETIVE UNIT REPURCHASES UNDER NORMAL COURSE ISSUER BID AND ANNOUNCES TIMING OF RELEASE OF Q4-2023 RESULTS

True North Commercial Real Estate Investment Trust has provided an update on its normal course issuer bid (NCIB). The trust has repurchased 213,740 trust units from Dec. 1, 2023, to Dec. 31, 2023, bringing the total number of units repurchased since the start of the NCIB to 385,872 units. The repurchase of units under the NCIB continues to be accretive to the REIT's funds from operations per unit (FFO) and adjusted funds from operations per unit (AFFO). The REIT also announced that since Nov. 17, 2023, insiders of the REIT, including Daniel Drimmer, the REIT's chairman of the board and chief executive officer, have acquired an aggregate 103,478 units reflecting their continuing confidence in the REIT.

The REIT also announced today that it intends to release its financial results for the quarter ended Dec. 31, 2023, after the close of the Toronto Stock Exchange on Tuesday, March 19, 2024.

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.