Pine Trail REIT Announces Reliance on Alberta Securities Commission Blanket Orders 51-517 and 51-518 on Filing of Interim Financial Statements for the Period Ended March 31, 2020 and on Filing of Executive Compensation for the Year Ended December 31, 2019

Toronto, Ontario--(Newsfile Corp. - May 21, 2020) - Pine Trail Real Estate Investment Trust (TSXV: PT.UN) (the "REIT") announced today that due to the outbreak of the novel coronavirus ("COVID-19"), it will be filing its interim financial reports and accompanying management's discussion & analysis for the period ended March 31, 2020 (the "Interim Filings") after June 1, 2020, the required deadline set by National Instrument 51-102 - Continuous Disclosure Obligations ("NI-51-102"). As well, the REIT announced that due to COVID-19, it will be filing its report of executive compensation for the year ended December 31, 2019 after June 29, 2020, the required deadline set by NI 51-102.

The REIT is issuing this news release pursuant to Alberta Securities Commission Blanket Order 51-517 - Temporary Exemption from Certain Corporate Finance Requirements, which provides the REIT with an additional 45-day period to file certain documents, including the following continuous disclosure documents:

• Interim financial reports for the period ended March 31, 2020 as required by section 4.4 of NI 51-102; and

• Management's discussion and analysis for the period ended March 31, 2020 as required by section 5.1(2) of NI 51-102.

The REIT intends to file its Interim Filings on or shortly before July 16, 2020. The REIT's management and other insiders are subject to a trading blackout reflecting the principles contained in section 9 of National Policy 11-207 - Failure-to-file Cease Trade Orders and Revocations in Multiple Jurisdictions until the Interim Filings have been completed.

The REIT confirms that other than the changes to our board of trustees, which occurred at the last annual general meeting of the REIT as disclosed in the management information circular, and the cessation of the distribution disclosed on March 25, 2020 there have been no material business developments since the Q3 financial statements.

The REIT is also relying on Alberta Securities Commission Blanket Order 51-518 - Temporary Exemptions from Certain Requirements to File or Send Securityholder Materials (the "Materials Order"), which renders the REIT exempt from executive compensation disclosure as required by section 9.3.1(1) of NI 51-102, provided that the REIT complies with the terms outlined in section 10 of the Materials Order.

FOR FURTHER INFORMATION, PLEASE CONTACT: David Luu, Interim CFO, Phone: (416) 583-5513.

The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56315