Mr. Daniel Drimmer reports

TRUE NORTH COMMERCIAL REIT RECEIVES TSX APPROVAL FOR RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has approved the renewal of True North Commercial Real Estate Investment Trust's normal course issuer bid.

Pursuant to the bid, the REIT may purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 1,334,889 trust units of the REIT ("Units"). The Bid will become effecting on April 18, 2024 and terminate on April 17,2025 or such earlier time as the Bid is completed or terminated at the option of the REIT.

The REIT's intention to continue its Unit buyback program is consistent with the REIT's capital allocation strategy which includes enhancing unitholder value by allocating available capital to generate the highest potential return. The REIT believes there are times when the market price of its Units may not fully reflect the underlying value of its business and future prospects. Depending on the trading price of its Units and other relevant factors, the REIT believes purchasing Units represents an attractive investment opportunity and is in the best interest of the REIT and its Unitholders.

The maximum number of Units to be purchased pursuant to the Bid represents 10% of the public float, as of April 4, 2024. The REIT had 14,993,362 Units issued and outstanding as of April 4, 2024. Purchases pursuant to the Bid will be made on the open market through the facilities of the TSX and/or alternative trading systems in Canada. The number of Units that can be purchased pursuant to the Bid is subject to a daily maximum of 16,113 Units (which is equal to 25% of the average daily trading volume of 64,452 Units from October 1, 2023 to March 29, 2024, less any Units purchased during that period under the Prior Bid (as defined below)) with the exception that one block purchase in excess of the daily maximum is permitted per calendar week. The price the REIT will pay for any Units under the Bid will be the prevailing market price on the TSX at the time of such purchase. Units acquired under the Bid will be cancelled.

Under the REIT's normal course issuer bid (the "Prior Bid") that commenced on April 18, 2023, the REIT sought and received approval from the TSX to purchase up to 1,432,966 Units, and as at April 4, 2023 repurchased an aggregate of 1,049,431 Units at a weighted average price of $8.2776 per Unit that expires on April 17, 2024. Such purchases were effected primarily through the facilities of the TSX and other designated exchanges and/or alternative trading systems.

The REIT has entered into an automatic share purchase plan ("ASPP") with CIBC World Markets Inc. ("CIBC") in order to facilitate repurchases of its Units. Under the REIT's ASPP, CIBC may repurchase Units under the Bid during the REIT's self-imposed blackout periods. Purchases will be made by CIBC based upon the parameters prescribed by the TSX and applicable securities laws, the terms of the plan and the parties' written agreement. Outside of these blackout periods, Units may be purchased under the Bid in accordance with management's discretion.

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 42 commercial properties consisting of approximately 4.7 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 at www.sedarplus.ca or the REIT's website at www.truenorthreit.com.

We seek Safe Harbor.