Slate Office REIT Announces Renewal of Normal Course Issuer Bid and Voting Results from 2020 Meeting of Unitholders

Slate Office REIT (TSX:SOT.UN) (the "REIT") is pleased to announce that the REIT has received approval from the Toronto Stock Exchange (the “TSX”) to renew its existing normal course issuer bid effective as at the open of markets on May 20, 2020 to repurchase for cancellation up to 6,579,147 trust units (the “Units”), or approximately 10% of the public float of 65,791,465 Units as of May 1, 2020.

As of May 1, 2020, 67,765,409 Units were outstanding. The REIT may purchase Units for cancellation over the 12-month period commencing May 20, 2020 and ending on May 19, 2021. Any purchases under the normal course issuer bid will be made through the facilities of the TSX and/or through other permitted means, including through one or more alternative Canadian trading systems, and in accordance with applicable regulatory requirements at the prevailing market price on the TSX or the alternative market at the time of purchase or such other price as may be permitted by the TSX at the time of acquisition. Subject to certain prescribed exemptions and any block purchase made in accordance with the rules of the TSX, the number of Units that can be purchased pursuant to the bid is subject to a daily maximum of 63,881 Units, or approximately 25% of the average daily trading volume during the period from November 1, 2019 to April 30, 2020 (being 255,527 Units). The actual number of Units which may be purchased (if any), and the timing of any such purchases, will be determined by the REIT. Any Units purchased under the normal course issuer bid will be cancelled following purchase. The REIT intends to fund the purchases of Units under its normal course issuer bid out of the general funds of the REIT.

Under its prior normal course issuer bid that commenced on May 15, 2019 and expires on May 14, 2020, the REIT previously sought and received approval from the TSX to purchase up to 6,703,824 Units. As of May 1, 2020, the REIT has repurchased for cancellation 1,074,220 Units through open market purchases on the TSX at a weighted average price of $5.75 per Unit.

Management believes that the purchase by the REIT of a portion of its outstanding Units may increase unitholder value and that such purchases constitute a desirable use of the REIT’s available resources. The REIT will continue to assess its capital allocation alternatives together with the Board of Trustees on a regular basis.

Additional details and information can be found by visiting slateofficereit.com.

Voting Results from 2020 Meeting of Unitholders

Each of the trustee nominees listed in the management information circular of the REIT dated March 25, 2020 were elected as trustees of the REIT at the annual meeting of unitholders held on May 14, 2020 (the “AGM”). Voting results for the individual trustees of the REIT are as follows:

The resolution to re-appoint KPMG LLP as the auditors of the REIT for the ensuing year and authorizing the trustees to fix the remuneration to be paid to the auditors was approved by 97.84% of the votes.

Final results on all matters voted upon at the AGM will be filed with the Canadian securities regulatory authorities and will be available on the REIT’s SEDAR profile at www.sedar.com.

About Slate Office REIT (TSX: SOT.UN)

Slate Office REIT is an open-ended real estate investment trust. The REIT's portfolio comprises 36 strategic and well positioned real estate assets located primarily across Canada's major population centres and includes two downtown assets in Chicago, Illinois. 61% of the REIT’s portfolio is comprised of government or credit rated tenants. The REIT is focused on maximizing value through internal organic rental and occupancy growth and strategic acquisitions. Visit slateofficereit.com to learn more.

About Slate Asset Management

Slate Asset Management is a leading real estate focused alternative investment platform with over $6.5 billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of its private and publicly traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm's careful and selective investment approach creates long-term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a demonstrated ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.

Forward-Looking Statements

Certain information herein constitutes “forward-looking information” as defined under Canadian securities laws which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. The words “plans”, “expects”, “does not expect”, “scheduled”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projects”, “believes”, or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “occur”, “be achieved”, or “continue” and similar expressions identify forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.

Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Additional information about risks and uncertainties is contained in the filings of the REIT with securities regulators.

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