REIT Notes Program Ltd: Early Warning Report Filed Pursuant To National Instrument 62-103

On November 3, 2020 and November 5, 2020, the Acquiror exercised the Put Right in respect of the entire outstanding principal amount of each of the Notes. As a result, the Acquiror acquired 4,489,127 Units, representing an approximate 14% ownership interest in the REIT, for a total purchase price of $35,033,950. The Acquiror previously did not own any Units. OnNovember 3, 2020andNovember 5, 2020, the Acquiror exercised the Put Right in respect of the entire outstanding principal amount...

On November 3, 2020 and November 5, 2020, the Acquiror exercised the Put Right in respect of the entire outstanding principal amount of each of the Notes. As a result, the Acquiror acquired 4,489,127 Units, representing an approximate 14% ownership interest in the REIT, for a total purchase price of $35,033,950. The Acquiror previously did not own any Units.

The head office of the REIT is located at:
151 Yonge Street, 11^th Floor
Toronto, Ontario
M5C 2W7

The address of the Acquiror is:
c/o MaplesFS Limited
PO Box 1093
Queensgate House, Grand Cayman
KYl-1102, Cayman Islands

A copy of the Early Warning Report to which this press release relates can be obtained from REIT Notes Program Ltd with the address of c/o Maples Corporate Services Limited, PO Box 309, Ugland House, South Church Street, Grand Cayman, Cayman Islands KY1-1104 or on the SEDAR profile of the REIT at www.sedar.com.