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 (NCIB).

Pursuant to the bid, the REIT may purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 1,235,415 trust units of the REIT. The bid will become effecting on April 23, 2026, and terminate on April 22, 2027, 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 per cent of the public float, as of April 9, 2026. The REIT had 14,066,534 Units issued and outstanding as of April 9, 2026. 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 5,760 units, equal to 25 per cent of the average daily trading volume of 23,040 units from Oct. 1, 2025, to March 31, 2026, 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.

The REIT did not purchase any units under the normal course issuer bid that was in effect from April 23, 2025, and set to expire on April 22, 2026. The REIT is renewing the NCIB because it believes the market price of the units from time to time may not reflect their underlying value, and units may become available during the period of the NCIB at prices that would make the purchase of such units for cancellation in the best interests of the REIT and its unitholders.

The REIT has entered into an automatic share purchase plan (ASPP) with CIBC World Markets Inc. 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 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 37 commercial properties consisting of approximately 4.4 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+ and on the REIT's website.

We seek Safe Harbor.