Mr. Daniel Drimmer reports

TRUE NORTH COMMERCIAL REIT PROVIDES UPDATE ON ACCRETIVE UNIT REPURCHASES UNDER NORMAL COURSE ISSUER BID

True North Commercial Real Estate Investment Trust has provided an update on its normal course issuer bid. It repurchased 248,740 trust units from Jan. 1, 2024, to Jan. 31, 2024, bringing the total number of units repurchased since the start of the NCIB to 634,611 units. The repurchase of units under the NCIB continues to be accretive to the REIT's funds from operations per unit and adjusted funds from operations per unit. There were no purchases made by insiders of the REIT during this period in compliance with the REIT's insider's trading policy that restricts purchases until 24 hours following the issuance of the 2023 year-end financial results, which are currently scheduled to be released 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 expanding its portfolio principally through acquisitions across Canada and such other jurisdictions where opportunities exist.