TNT.UN

Investor PresentationNovember 2017

TSX:TNT.UN

1595 16th Avenue, Toronto

TNT.UN I INVESTOR PRESENTATION 2

Certain statements contained in this presentation constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking

information is provided for the purposes of assisting the reader in understanding the REIT's financial performance, financial position and cash flows as at and for

the periods ended on certain dates and to present information about management's current expectations and plans relating to the future and readers are

cautioned such statements may not be appropriate for other purposes. Forward-looking information may relate to the REIT's future results, performance,

achievements, events, prospects or opportunities for the REIT or the real estate industry, and may include statements regarding the financial position, business

strategy, budgets, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving the REIT. In some cases, forward-looking

information can be identified by such terms as “may”, “might”, “will”, “could”, “should”, “would”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “seek”, “aim”,

“estimate”, “target”, “project”, “goal”, “predict”, “forecast”, “potential”, “continue”, “likely”, or the negative thereof or other similar expressions concerning matters

that are not historical facts.

Forward-looking information involves known and unknown risks and uncertainties, which may be general or specific and which give rise to the possibility that

expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, assumptions may not be correct and objectives, strategic goals and

priorities may not be achieved. A variety of factors, many of which are beyond the REIT’s control, affect the operations, performance and results of the REIT and

its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but

are not limited to, risks related to the Units and discussed in the REIT’s materials filed with Canadian securities regulatory authorities from time to time on

www.sedar.com. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on

forward-looking information as there can be no assurance actual results will be consistent with such forward-looking information.

Information contained in forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast

or projection, including management’s perceptions of historical trends, current conditions and expected future developments, as well as other considerations

believed to be appropriate in the circumstances including the following: the Canadian economy will remain stable over the next 12 months; inflation will remain

relatively low; interest rates will remain stable; conditions within the real estate market, including competition for acquisitions, will be consistent with the current

climate; the Canadian capital markets will provide the REIT with access to equity and/or debt at reasonable rates when required; Starlight Investments Ltd. will

continue its involvement as asset manager of the REIT in accordance with its current asset management agreement, and the risks referenced above,

collectively, will not have a material impact on the REIT. While management considers these assumptions to be reasonable based on currently available

information, they may prove to be incorrect.

The forward-looking information included in this presentation relate only to events or information, as of the date on which the information is made in this

presentation. Except as specifically required by applicable Canadian law, the REIT undertakes no obligation to update or revise publicly any forward-looking

information, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of

unanticipated events.

Certain terms used in this presentation such as funds from operations (“FFO”), adjusted funds from operations (“AFFO”), net operating income (“NOI”), Same

Property NOI, indebtedness to gross book value (“Gross Book Value”) ratio, Gross Book Value, indebtedness, indebtedness coverage ratio and interest

coverage ratio are not measures defined under IFRS as prescribed by the International Accounting Standards Board (“IASB”), do not have standardized

meanings prescribed by IFRS and should not be compared to or construed as alternatives to profit/loss, cash flow from operating activities or other measures of

financial performance calculated in accordance with IFRS. FFO, AFFO, NOI, Same Property NOI, Gross Book Value, indebtedness, indebtedness coverage

ratio and interest coverage ratio as computed by the REIT may not be comparable to similar measures as reported by other reporting issuers in similar or

different industries. Details on non-IFRS measures are set out in the REIT’s Management’s Discussion and Analysis for the period ended September 30, 2017

and available on the REIT’s profile at www.sedar.com.

Forward Looking Information

TNT.UN I INVESTOR PRESENTATION 3

True North at a Glance

38 PropertiesComprising 2.7 million sq. ft.

across four provinces

84.1%Gross revenues generated

from government and

credit-rated tenants

96.7%1

Occupancy

9.0%2

Yield

$641MAssets

1. Includes acquisitions described on slide 7.

2. As at November 20, 2017.

4.3 YRAvg. remaining

lease term

400 Maple Road Road

Ottawa, ON5900 Explorer Drive

Toronto, Ontario

3650 Victoria Park Avenue

Toronto, Ontario

1

1

1

1

TNT.UN I INVESTOR PRESENTATION 4

Our Strategy

Focus on government and credit-rated tenants

and strong long-term leases with visible cash

flow

Build scale through the acquisition of accretive,

high-quality properties in urban markets

Leverage the infrastructure and network of

Starlight Investments: ‘Off Market’ transactions

expected to drive deal flow

Use best in class local and national property

managers

Maintain a conservative financial position

777 Brock Road

Pickering, ON

340 Laurier Avenue West

Ottawa, ON

TNT.UN I INVESTOR PRESENTATION 5

GOVERNMENT TENANTS43.9%

Government

Tenants

Highest Quality Tenant Base

SELECT CREDIT-RATED TENANTS

40.2%Credit-Rated

Tenants

84.1%Total Government

and Credit-Rated

Tenants

1

1

1

1. Includes acquisitions described on slide 7.

Strong Tenant Base

TNT.UN I INVESTOR PRESENTATION 6

Tenants % of Total Rent Location W.A.L.T GovernmentCredit

Rated

Federal Government - Correctional Services ON 3.4 -

Federal Government - Public Safety ON 2.4 -

Lumentum Ottawa Inc. ON 5.3 -

Ontario Power Generation Inc. ON 5.4 -

EMS Technologies Canada, Ltd. (Honeywell) ON 6.9 -

Sobeys Capital Incorporated o/a Sobeys AB 2.2 -

Federal Government-HMQ Ministry of Supply & Services NB 4.9 -

Federal Government-Veterans Affairs CDA ON 4.5 -

Brewers Retail Inc. o/a Beer Store ON 2.9 -

Federal Government-Public Works and Gov’t Services NB 4.4 -1.7%

1.8%

2.3%

2.4%

3.4%

3.5%

4.4%

4.7%

5.7%

9.2%

• True North’s top 10 tenants, which account for approximately 40% of it’s revenue, include either

government or credit-rated tenants.

✓

✓

✓

✓

✓

✓

✓

✓

✓

As at September 30, 2017.

✓

TNT.UN I INVESTOR PRESENTATION 7

77% Government/Credit-Rated Tenants 4.3 YR Avg. Remaining Lease Term

2017 Acquisitions

721K8 Properties

Growth

in Assets$159MSquare

feet

1595 16th Avenue

Toronto, Ontario

5160 Orbitor Drive

Mississauga, Ontario

301 & 303 Moodie Drive

Ottawa, Ontario61 Bill Leathem Drive

Ottawa, Ontario

810 Blanshard Street

Victoria, British Columbia231 Shearson Crescent

Cambridge, Ontario

727 Fisgard Street

Victoria, British Columbia

36 & 38 Solutions Drive

Halifax, Nova Scotia

TNT.UN I INVESTOR PRESENTATION 8

38Properties

2,656,600Sq. ft.

3

24

8

2

British Columbia

2 properties

82,000 sq. ft.

100% occupancy

Alberta

3 properties

250,100 sq. ft.

99.2% occupancy

Ontario

24 properties

1,721,700 sq. ft

97.5% occupancy

New Brunswick

8 properties

473,100 sq. ft.

92.1% occupancy

Nova Scotia

1 property

129,700 sq. ft.

95.1% occupancy

1

Includes acquisitions described on slide 7.

Strategic Urban Markets

2017 New Urban Markets:

➢ Victoria, British Columbia

➢ Halifax, Nova Scotia

TNT.UN I INVESTOR PRESENTATION 9

NOI Growth Driven through Acquisitions

1. Compound Annual Growth Rate does not include post Q3 2017 acquisitions.

$318 $325 $309$346 $347 $347 $347

$390

$456 $462$499

$535

Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

Asset Base

$4.1

$5.4 $5.6 $5.9 $6.1 $5.9 $5.9 $6.2$6.9

$7.8 $8.1$8.8

Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

NOI Since Q4-14

$106.1 million of

acquisitions post Q3

TNT.UN I INVESTOR PRESENTATION 10

4.3 YR(1)

Average

remaining

lease

term

1. Based on annualized gross revenue as at September 30, 2017 (including acquisitions described on slide 7)

Portfolio Lease Maturity

SELECTED CREDIT-RATED TENANTS

• Reliable, long-standing tenant base with significant tenant capital investments

reduces rollover risk

• Long-term visible cash flows

• Early lease renewals with EMS Technologies (Honeywell) (107,243 sq. ft.) at

400 Maple Grove Road, Ottawa and Cash Money Cheque Cashing Inc.

(26,754 sq. ft.) at 400 Carlingview Drive, Toronto

1.7%3.9%

8.6%

16.2%13.8%

52.5%

2017 2018 2019 2020 2021 2022+

Lease Maturity by % of GLA

TNT.UN I INVESTOR PRESENTATION 11

Industry Leading Occupancy Rate of 97.3%

* Based on publicly-filed industry data as at September 30, 2017; H&R, Inovalis and Agellan as at June 30, 2017.

97.3% 96.3% 96.2% 95.2% 94.9% 94.0% 93.6% 92.2%90.3% 90.0%

85.9%

TNT H&R Inovalis Agellan CREIT Morguard Artis Cominar DreamOffice

BTB SlateOffice

98.5% 98.5%99.2%

98.3%98.0%

97.5% 97.7%98.0%

97.5% 97.5% 97.4% 97.3%

Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

Historical Occupancy

Comparison of Occupancy*

Average: 98.0%

Prudent Use of Leverage

TNT.UN I INVESTOR PRESENTATION 12

–

$29.7$24.8

$76.4

$29.0

$79.2

$14.4

2017 2018 2019 2020 2021 2022 Thereafter

Mortgage Maturity

Mortgage Maturity

Debt Maturity Profile

(millions)

TNT.UN I INVESTOR PRESENTATION 13

Investment Performance

(20.0%)

(10.0%)

–

10.0%

20.0%

30.0%

40.0%

50.0%

Nov-15 Jan-16 Mar-16 May-16 Jul-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Nov-17

True North Commercial REIT Canadian Office REITs S&P / TSX Capped REIT

Notes: As at November 7, 2017; Source: Bloomberg

*Canadian Office REITs including Dream Office REIT, Allied Properties REIT, NorthWest Healthcare Properties REIT, Inovalis REIT, Dream Global REIT,

and Slate Office REIT and excluding True North Commercial REIT. True North Commercial is excluded from the calculation of its peers return.

Two Year Relative Return (Total Return – Distributions Reinvested)

24.8%

40.5%

44.6%

(1)

TNT.UN I INVESTOR PRESENTATION 14

• Starlight Investments is aligned via its 11% ownership in True North Commercial REIT.

• Starlight provides institutional-quality asset management services to over $7.5 billion of real estate,

encompassing over 5 million square feet of commercial space throughout Canada and more than

35,000 multi-family units across Canada and the southern United States.

• Home to more than 120 real estate professionals with an extensive network of local, national and

international joint venture partners, financial institutions, brokers, property managers, and other real

estate professionals.

• Asset manager for Canadian commercial real estate, Canadian Multi-Family and U.S. Multi-Family

assets for public, institutional and private ventures including joint ventures with three institutional

partners.

• Fees are consistent with market

• Acquisitions/Dispositions

• Corporate finance and capital market relationships

• Capital expenditure project oversight

• Energy management

• Financial reporting (IFRS and ASPE)

• Investor relations

• Legal

• Operations and revenue management

• Tax structuring

Alignment

TNT.UN I INVESTOR PRESENTATION 15

True North is well positioned for significant, accretive growth

• Opportunities to enhance portfolio value through organic growth:

Outlook

Roadmap for Continued Success

Active portfolio

management

Maintain/extend

long-term tenant

relationships

Optimize portfolio

revenue

• Focus on accretive acquisitions in urban segment, where True North has a

competitive advantage and is established as a preferred buyer:

9.0%1

Yield

84.1%2

Revenue from government

or credit-rated tenants

100%Return of Capital

Transaction size of

$10-35 millionFocus on select

urban markets

1. As at November 20, 2017.

2. Includes acquisitions described on slide 7.

TNT.UN I INVESTOR PRESENTATION 16

• Founder, President, and Chief Executive Officer of Starlight Investments, which manages over $7.5 billion of commercial and residential properties comprising over 5.0 million square feet of commercial space throughout Canada and more than 35,000 multi-family units across Canada and the southern United States

• Founder and Chief Executive Officer, Starlight U.S. Multi-Family Core Funds

• Founder, True North Apartment REIT which combined with Northern Property REIT to form Northview Apartment REIT, Canada’s third largest publicly traded multi-family REIT

• Founder, TransGlobe Apartment REIT, which returned 60% to IPO unitholders upon privatization

• Led more than $15 billion worth of acquisition and financing transactions in commercial and residential real estate

• Between 1997 and 2009, assembled an extensive portfolio of approximately $800 million in Canadian commercial properties

Daniel Drimmer – Founder, Chairman of the Board, President and Chief Executive Officer

• Chief Financial Officer and Group Head, Commercial, Starlight Investments

• Possesses over 20 years of corporate accounting and public company experience

• Chief Financial Officer and Corporate Secretary, Holloway Lodging REIT

• Chief Financial Officer, Pacrim Hospitality Services Inc.

• Chief Financial Officer, Pacrim International Capital Inc.

• Extensive experience in asset management, acquisitions, due diligence, operations management, construction, investor relations and long-term financing

Tracy Sherren – CPA, CA, Chief Financial Officer

Management

Yash Sankpal, CIBC Capital Markets

Yashwant.sankpal@cibc.com

(416) 594-7399

Equity Analyst Coverage

TNT.UN I INVESTOR PRESENTATION 17

True North Commercial REIT is covered by the analysts listed below.

Johann Rodrigues, Raymond James Ltd.

johann.rodrigues@RaymondJames.ca

(416) 777-7189

Dawoon Chung, National Bank Financial

dawoon.chung@nbc.ca

(416) 507-8102

TNT.UN Daniel DrimmerPresident & Chief Executive Officer

ddrimmer@starlightinvest.com

Tracy SherrenChief Financial Officer

tsherren@starlightinvest.com

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