Prime Income Trust Provides an Update on Operations in Light of the Covid-19 Pandemic

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Calgary, Alberta--(Newsfile Corp. - March 26, 2020) - Prime Income Trust (the "Trust") is providing an update on operations in light of the Covid-19 pandemic, including its response measures to the risk of Covid-19. Operations continue for Trust management and at the asset owned by the Trust, however those operations have been reduced subject to health and safety directives. Where possible, those working on behalf of the Trust, and its unitholders, are working remotely and from home.

Accordingly, and pursuant to ASC Blanket Order 51-517 re: temporary exemption, the Trust will be seeking a 45-day extension for the filing of its Annual Financial Statements and Notice of Use of Proceeds as required pursuant to NI 45-106. Those filings are otherwise required to be made on or before April 30, 2020.

It is possible that the COVID-19 pandemic will have a lagging economic impact; at this time, neither the Trust, nor anyone else, can effectively predict the exact extent to which the pandemic will have a lasting effect on the economy, the public markets, and private investments. While the pandemic is undoubtedly affecting businesses and investments, Trust management has taken all prudent and directed steps to ensure security, health, and business continuity for the Trust. The safety and health of each of our stakeholders is our current priority, allowing for ongoing support for business activity, subject to local authority directives. We will continue to provide updates as they become available.

About the Trust The Trust is a Calgary, Alberta based exempt market Issuer, that provides development capital to commercial real estate assets in Alberta, Canada.

Harwinder Kang

Forward-Looking Statements This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Trust to be materially different from those expressed or implied by such forward-looking information, including risks associated with commercial real estate operations such as economic factors as they effect business closures, consumer spending, government regulation, political or economic developments, environmental risks, operating or technical difficulties, employee relations, the speculative nature of real estate investment, including the risks of diminishing returns. Although the Trust has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Trust does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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