INVESTOR PRESENTATION October 2019 TSX: TNT.UN 5775 Yonge Street, - PowerPoint PPT Presentation

INVESTOR PRESENTATION October 2019 TSX: TNT.UN 5775 Yonge Street, Toronto, 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 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 suggesting future outcomes or events. 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 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 relatively 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 Group Property Holdings Inc. (“Starlight”), or an affiliate of Starlight, 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”), net operating income (“NOI”), indebtedness to gross book value (“Gross Book Value”) ratio, Gross Book Value, indebtedness and interest coverage ratio are not measures defined under International Financial Reporting Standards (“IFRS”) as prescribed by the International Accounting Standards Board, 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, NOI, Gross Book Value, indebtedness 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 June 30, 2019 and available on the REIT’s profile at www.sedar.com. TNT.UN | INVESTOR PRESENTATION 2

TRUE NORTH AT A GLANCE TNC has demonstrated a solid track record and is well positioned for continued growth 1595 16 th Avenue, Richmond Hill, ON 3115 Harvester Road, Burlington, ON 3650 Victoria Park Avenue, Toronto, ON $963 M 45 Properties 4.0 YR Total assets 3.7 million sf across 100 % five provinces Weighted average lease 79 % term 96.4 % Return of capital 8.5 % Revenues Occupancy Generated from government and credit-rated tenants Yield TNT.UN | INVESTOR PRESENTATION 3 3

OUR STRATEGY TNC is a pure-play office REIT and utilizes several key strategies to maximize total returns for its unitholders Accretive Acquisition Program Leverage Relationships 5900 Explorer Drive, Mississauga, ON 120-140 Eileen Stubbs Avenue, Halifax, NS • Continued focus on accretive acquisitions in • Leverage the relationship with TNC’s asset urban markets manager, Starlight Investments • Long term, credit-backed visible cash flows • Utilize Starlight Investments’ extensive resources, economies of scale, and industry • Focus on government and credit-rated relationships to source off-market acquisitions tenants with below market rents to create value on renewal • Reputation as a “preferred buyer” TNT.UN | INVESTOR PRESENTATION 4

HIGHEST QUALITY TENANT BASE 79% of revenue is derived from government and credit-rated tenants 79 % 41 % 38 % total government and credit-rated tenants government tenants credit-rated tenants True North’s top 10 tenants account for approximately 33% of its revenue and include mainly government and credit- rated tenants Credit- Tenant % of Revenue Location WALT Government Rated  Federal Government – Correctional Services 1 ON 1.8 - 6.9%  3.6% ON 3.9 - Meloche Monnex Inc.  Lumentum Ottawa Inc. ON 3.6 - 3.1%  Federal Government – Public Safety 1 ON 0.7 - 3.0%  2.9% Ontario Power Generation Inc. ON 3.7 -  2.9% Provincial Government – Mgmt. Board Secretariat ON 2.2 -  2.8% Alberta Health Services AB 5.3 -  2.8% Alberta Infrastructure AB 2.7 -  LMI Technologies Ltd. 2.8% BC 7.6 - Staples Canada ULC 2.6% ON 14.3 - - 1 Currently negotiating a 10-year renewal TNT.UN | INVESTOR PRESENTATION 5

ACQUISITIONS – 2018 + Q1 2019 9 properties $276 M 971 k growth square in assets feet 32071 South Fraser Way, Abbotsford, BC 9200 Glenlyon Parkway, Burnaby, BC 360 Laurier Avenue 6 Staples Avenue, Richmond Hill, ON 3115 Harvester Road, Burlington, ON West, Ottawa, ON 75% 37% 38% government & credit- government credit-rated rated TNT.UN | INVESTOR PRESENTATION 6

CURRENT PORTFOLIO 3,686,500 45 square feet properties 4 4 27 8 2 BRITISH COLUMBIA ALBERTA ONTARIO NEW BRUNSWICK NOVA SCOTIA 4 properties 4 properties 27 properties 8 properties 2 properties 224,900 sf 396,900 sf 2,163,500 sf 474,300 sf 426,900 sf 100% occupied 98.3% occupied 98.0% occupied 89.8% occupied 91.9% occupied 8.2% of NOI 13.4% of NOI 61.3% of NOI 7.2% of NOI 9.9% of NOI TNT.UN | INVESTOR PRESENTATION 7

PORTFOLIO LEASE MATURITY Reliable, long-standing tenant base with significant tenant capital 4.0 YR • investments reduces rollover risk Long-term visible cash flows • Contractually leased and renewed 81,200 square feet across the • weighted average portfolio in Q2 2019, with an average lease term of 8.1 years and an lease term average increase of approximately 10% over expiring rates 800,000 sf 700,000 sf 600,000 sf 500,000 sf 400,000 sf 300,000 sf 200,000 sf 100,000 sf 0 sf Vacant 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Thereafter TNT.UN | INVESTOR PRESENTATION 8

INDUSTRY LEADING OCCUPANCY RATE Comparison of Occupancy 1 96.4% 96.3% 94.7% 94.3% 94.1% 93.9% 93.0% 87.2% TNC Allied Artis Dream Office H&R Cominar Morguard Slate Office Historical Occupancy 99.2% 98.5% 98.5% 98.3% 98.0% 98.0% 97.7% 97.5% 97.5% 97.5% 97.4% 97.3% 96.3% 96.4% 97.0% 97.0% 96.2% 95.0% 95.6% Average: 97.4% Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 1 Source: Company Q2 Filings TNT.UN | INVESTOR PRESENTATION 9