Investor Presentation 2018 TSX:TNT.UN TNT.UN 1595 16 th Avenue, - PowerPoint PPT Presentation

Investor Presentation 2018 TSX:TNT.UN TNT.UN 1595 16 th Avenue, Richmond Hill, ON

Forward Looking Information 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 December 31, 2017 and available on the REIT’s profile at www.sedar.com. TNT.UN I INVESTOR PRESENTATION 2

True North at a Glance TNC has demonstrated a solid track record and is well positioned for continued growth 3650 Victoria Park Avenue, Toronto, ON 5900 Explorer Drive, Toronto, ON 3115 Harvester Road, Burlington, ON $691 M 40 Properties 4.2 YR Total assets 3.0 million sq. ft. across 100 % Weighted average lease term five provinces 80 % Revenues 95.6 % Return of capital 9.3 % * Generated from government and Occupancy credit-rated tenants Yield * As at April 2, 2018. TNT.UN I INVESTOR PRESENTATION 3

Our Strategy The REIT utilizes several key strategies to maximize total returns to unitholders Aggressive Acquisition Program Organic Growth Leverage Relationships 340 Laurier Avenue West Ottawa, ON 6865 Century Avenue, Mississauga, ON 777 Brock Road Pickering, ON • Focus on internal net operating income • Leverage the relationship with TNC’s asset • Build scale through the acquisition of accretive, high-quality properties in urban growth manager, Starlight Investments markets • Use best-in-class third party property • Utilize Starlight Investments’ extensive • Focus on government and credit-rated managers who offer exceptional service resources, economies of scale, and tenants with long-term leases and visible and local market knowledge and expertise industry relationships to source off-market cash flow acquisitions • Maintain a conservative financial position TNT.UN I INVESTOR PRESENTATION 4

Highest Quality Tenant Base 80% of revenue is derived from government and credit-rated tenants 80 % 42 % 38 % Total Government and Credit-Rated Tenants Government Tenants Credit-Rated Tenants True North’s top 10 tenants account for approximately 38% of it’s revenue and include either government or credit-rated tenants: Credit- Tenant % of Total Revenue Location WALT Government Rated  Federal Government - Correctional Services ON 3.2 - 7.90%  Meloche Monnex Inc. ON 5.4 - 4.72%  Federal Government – Public Safety ON 2.2 - 4.25%  Lumentum Ottawa Inc. ON 5.1 - 4.06%  Ontario Power Generation Inc. ON 5.2 - 3.82%  EMS Technologies Canada Ltd. ON 6.7 - 3.03%  - Sobeys Capital Incorporated AB 1.9 3.02%  Johnson Inc. 2.77% ON 2.6 -  Alberta Infrastructure AB 3.0 2.19% -  2.10% HMQ Ministry of Supply and Services NB 4.7 - As at December 31, 2017. TNT.UN I INVESTOR PRESENTATION 5

2017 Acquisitions The REIT’s acquisition activity has an increased focus on urban markets 10 properties $235 M 1.1 M growth in square assets feet 1595 16 th Avenue, Toronto, ON 61 Bill Leathem Drive, Ottawa, ON 3115 Harvester Road, Burlington, ON 301 & 303 Moodie Drive, Ottawa, ON 5160 Orbitor Drive, Mississauga, ON TNT.UN I INVESTOR PRESENTATION 6

New Markets Enhanced geographic diversification by entering the Halifax and Victoria markets Halifax, NS 509K square feet $110M in assets 120-140 Eileen Stubbs Avenue, Halifax, NS 36 & 38 Solutions Drive, Halifax, NS Victoria, BC 4.1 years WALT 92% occupied 63% government /credit-rated 727 Fisgard Street, Victoria, BC 810 Blanshard Street, Victoria, BC TNT.UN I INVESTOR PRESENTATION 7

Current Portfolio 3,032,900 40 Sq. ft. Properties 2 3 25 8 2 Nova Scotia British Columbia Alberta Ontario New Brunswick 2 properties 2 properties 3 properties 25 properties 8 properties 427,200 sq. ft. 82,000 sq. ft. 250,100 sq. ft. 1,800,500 sq. ft. 473,100 sq. ft. 90.2% occupancy 100% occupancy 97.3% occupancy 96.8% occupancy 94.1% occupancy TNT.UN I INVESTOR PRESENTATION 8

Portfolio Lease Maturity Reliable, long-standing tenant base with significant tenant capital • 4.2 YR investments reduces rollover risk • Long-term visible cash flows Lease renewal with Alberta Infrastructure at 855 8 th Avenue, Calgary, Weighted average • lease term Alberta, (48,046 square feet) and a new lease with Alberta Infrastructure at 13140 St. Albert Trail, Edmonton, Alberta (60,000 square feet) 500,000 sf 400,000 sf SELECTED CREDIT-RATED TENANTS 300,000 sf 200,000 sf 100,000 sf 0 sf Vacant 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Thereafter TNT.UN I INVESTOR PRESENTATION 9