Pine Trail Real Estate Investment Trust 

Pine Trail Real Estate Investment Trust (the Trust) was formed by a Declaration of Trust on December 22, 2017. The acquisition of the property was funded using available cash on hand and net proceeds from the non-brokered private placement on November 6, 2018. The Acquisition constitutes the Trust's Qualifying Transaction (as such term is defined by the policies of the TSXV) and, as such, the Trust is no longer a CPC. The Declaration of Trust was amended on November 9, 2018 and restated upon completion of the Qualifying Transaction and Pine Trail Capital Trust was renamed to Pine Trail Real Estate Investment Trust. The Trust units are listed on the Toronto Stock Venture Exchange under the ticker symbol (PINE.UN). The head office of the Trust is located at 161 Bay Street, 27th Floor, in the City of Toronto in the Province of Ontario.