slate-office-reit-q2-2022.pdf

Slate Office REIT
Investor Update
Q2 2022
120 South LaSalle, Chicago

Slate Office REIT | 2
Ontario
$746M
37.3%
Atlantic Canada
$580M
29.0%
USA
$344M
17.2%
Ireland
$255M
12.8%
Western Canada
$76M
3.8%
$2B
Asset Value
Slate Office REIT
Note: As at June 30, 2022; geographic breakdown is based on 100% of the building’s asset value, without taking ownership percentage into consideration
1 Pricing at $4.64 as at July 27, 2022
TSX 55 7.7M 67% 47% 8.6%
SOT.UN Properties Square Feet
Government & High-
Quality Credit
Tenants
Trading discount to
Net Asset Value1 Distribution Yield1
Own and operate a high-quality diversified global portfolio of workplace real estate which provides a meaningful return to unitholders through
value growth and a stable, attractive yield supported by a diverse mix of strong credit quality tenants

Execution Strategy
1 Return relates to dispositions over $5 million since 2019. See slide 15 for Slate Office REIT’s track record.
Focus on cost basis Best-in-class management Value creation
• Acquire at a discount to
replacement cost
• Source off-market transactions
• In-place yield with value creation
opportunities
• Slate Asset Management’s global
platform and resources
• Strong tenant and broker
relationships
• Tailored asset strategies
• Hands-on entrepreneurial
approach
• Grow rental revenue
• Increase occupancy
• Improve tenant credit quality
• Extend lease term
• Reduce risk
• Strong track record with average
return on recycled assets of 22%1
Redeploy capital
• Asset recycling
• Re-financing
• Reinvestment
1 2 3

Investment Highlights
Durable Cash Flow Upside Potential Scalable Growth Platform
47.0% discount to NAV
7.1% In-place discount to market
rent
67.0% of rent from government
and high-quality credit tenants1
5.6 year remaining weighted avg.
lease term
$2B pipeline
9.5% owned by the REIT’s global
manager, Slate Asset Management
2251 Speakman Drive, Toronto 1505 Barrington Street, Halifax 120 South LaSalle, Chicago

Investment Philosophy
Why Office?
Important to Culture, Growth & Innovation
Exposure to Emerging Tenants & Industries
Unprecedented Market Opportunity 5 Springdale Street, St. John’s 84 Chain Lake Drive, Halifax
2599 Speakman Drive, Toronto
Which Markets?
Strong Population and Employment Growth
Transit Oriented Locations with Barriers to Supply
Diversified Industry Exposure

Strategic Growth
The accretive acquisition of Yew Grove
REIT, aligns with our strategic direction
and is a catalyst for future growth
• A portfolio of institutional office and lite-industrial properties
outside central Dublin
• High quality tenancy mix: Government, multi nationals and large
corporates make up 97% of rent roll
One Gateway,
Dublin, Ireland
Investment Criteria
Below replacement cost ✓
Below market rental rates and / or occupancy ✓
Strong credit quality ✓
High going-in yield ✓
Manageable recurring capital investment ✓
Targeted levered returns (12-15%) ✓
Ireland attracts strong FDI tenants
• EU gateway for foreign direct investment (FDI): the only EU English speaking
country; favorable legal system and corporate taxation rates
• History of attracting FDI, of whom 56% were outside Dublin in 2020, and 1/3
having had Irish operations for over 20 years
• FDI a key driver of the economy, GVA from multinational sector grew 18.2% in
2020, 4.7% in Q3 2021
• Youngest population in the EU (33% under 25), 55.4% of ages 30-34 have
third level education (EU avg. 40.3%). 17% international workers (4th highest
in the EU)
https://www.cso.ie/en/releasesandpublications/ep/p-
na/quarterlynationalaccountsquarter32021/foreignanddomesticgva/
https://www.idaireland.com/newsroom/publications/ida_facts_about_ireland_2
021.pdf
One Gateway, Dublin

2251 Speakman Drive, Toronto
Operations
Update

Office Real Estate Today
Protecting Brand Image
Innovation & Culture
Talent Attraction & Retention
Protecting Intellectual Capital
Culture & Socialization
Productivity & Boundaries
39%
26%
11% 10%
8%
6%
Immediately 1-3 Months 4-6 Months 7-11 Months A Year or
Longer
Never Again
Employees expect to return to the office
• Over 76% of employees expect to return to the office within six
months following herd immunity1
1 Cushman & Wakefield – Predicting the Return to the Office, 2021; The Harris Poll, 2021.
The Essential Role of the Office Office Space Demand

Embedded Organic Growth
Total Leasing Activity (New and Renewal)
Total Leasing Spreads (New and Renewal)
Strengthening leasing volumes
Leasing volumes are expected to gain further
momentum throughout the balance of the year as
markets continue to reopen and tenants return to the
office
Rental rate upside
7.1% in-place discount to market rent will continue to
drive organic earnings growth
18.8%
15.2%
6.5%
19.2%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
2019 2020 2021 2022 YTD
719,226
688,326
772,298
367,964
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
2019 2020 2021 2022 YTD

The REIT’s top tenants have a strong credit profile and a diverse industry mix
1 Percentage amounts are a function of annual base rent.
2 Source: DBRS, Moody’s and S&P as at June 30, 2022.
High Quality Tenant Base
Credit
Rating2 BB+ BBB+ A+ AAA A+ BBB+ AA- Unrated A1 BBB-
Industry Financial Telecom Power & Utilities Government Government Engineering Government Insurance Insurance Manufacturing
6.2% 6.1%
5.3%
4.4%
3.0%
2.5% 2.4% 2.2% 2.2%
1.8%

Environmental, Social & Governance
Current ESG Initiatives
• Slate has always been committed to creating a world-class
environment for our people and being a leading corporate citizen
and industry participant
• Our stakeholders include our people, our investors, our tenants
and the communities in which we operate
• We have embraced the growing need to codify and exemplify
these standards through an ESG lens
• Slate continues to deploy environmental improvements across its
portfolio to improve efficiency, sponsor employee wellness and
engagement initiatives, and contribute actively to community
improvement and advocacy efforts
“We are continuing to raise the bar on our ESG performance
and pursuing new and innovative ways to add further rigor to
our ESG approach.” – Bozena Jankowska, Global Head of ESG
Managing climate change risks and opportunities
Limiting our environmental impact
Engaging our tenants and stakeholders for social
impact
Strong governance of ESG risks and opportunities
ESG Priorities

20 South Clark Street, Chicago
Valuation
Disconnect

$2.87
$2.70
$1.60
$0.35
$1.19
$4.64
$8.71
Trading Price Net Asset Value
1 IFRS net asset values as at June 30, 2022; pricing as July 27, 2022; all amounts in C$ unless otherwise noted.
2 Slate Office REIT’s data centre in Winnipeg, Manitoba is not included in this figure.
Public/Private Real Estate Valuation Disconnect
Recent market
transactions support
the REIT’s net asset
value and highlight
the disconnect
between public and
private real estate
valuations
Slate Office REIT – Trading Price vs. Net Asset Value1
~47% discount
Greater Toronto Area
$275 per sq. ft.
(Comps avg. $319 per sq. ft.)
Atlantic Canada
$223 per sq. ft.
Downtown Chicago
US$259 per sq. ft.
(Comps avg. US$353 per sq. ft.)
Western Canada
$189 per sq. ft.2
Ireland
€194 per sq. ft.
(Comps avg. €336 per sq. ft.)

The Investment Opportunity
1 S&P Capital IQ as July 27th, 2022
Trading at an attractive valuation relative to office peers1
2022E AFFOx
Strong distribution yield among office REIT peers1
Compelling entry point
Current pricing represents an attractive entry point
with the potential for significant capital appreciation
Attractive distribution yield
Slate Office REIT’s 8.6% distribution yield is well-
covered and among the highest in the REIT sector
9.5x
11.4x
15.1x
16.7x
Slate Office REIT Dream Office REIT Allied Properties True North
Commercial
8.6%
5.3% 5.1%
8.9%
Slate Office REIT Dream Office REIT Allied Properties True North
Commercial

Track Record
895 Waverley
& 1000 Waverley
225 Duncan
Mill Road
5500 North
Service Road 4211 Yonge Street
307-311 Old
Airport Road 1 Eva Road Total
Location Winnipeg, Manitoba
Greater Toronto Area,
Ontario
Ontario
Ontario
Yellowknife, Northwest
Territories
Ontario
Sale price
(C$ Millions)
21.3 27.3 52.2 63.0 6.2 34.0 204.0
Internal rate of return 18.8% 50.0% 13.0% 17.9% 16.0% 25.0% 22.2%
Weighted average
hold period
6.6 years 1.3 years 1.6 years 6.7 years 7.8 years 6.9 years 4.7 years
Sale date Jun-19 Jul-19 Nov-19 Jan-20 Oct-20 Oct-21
Proven track record of selling at or above net asset value and recycling proceeds
into higher quality opportunities
Note: Table includes dispositions since 2019 with a sale price greater than $5 million.

Downtown Chicago, Illinois
Looking
Ahead

Growth Strategy
Transformative acquisitions
• Management will focus on larger, more transformative
acquisitions
Creative transaction structures
• Leverage Slate Asset Management who has a proven
track record of executing creative transactions
Growth markets
• Focusing on growing markets with favourable
demographics where Slate Asset Management has a
presence
Why is growth important? How and where will Slate Office grow?
1 2
Scale and diversification
• Increases the portfolio’s scale and further diversifies
the REIT’s income
Access to and cost of capital
• Growth will ensure broader access to and a reduced
cost of both debt and equity capital
Trading volume
• Improved trading liquidity will increase access for
institutional and retail investors

Closing Thoughts
Compelling investment opportunity
Attractive and
well-covered
distribution
Trading upside to
net asset value
Scalable platform
for growth
1 2 3

120 South LaSalle, Chicago
Additional
Information

Date Property City Area (SF) Price Price PSF Cap Rate Occupancy Purchaser Vendor
Greater Toronto Area Office
6/24/2022 6750 Century Avenue Mississauga 99,828 $30,000,000 $301 n/a n/a Concert Properties Ltd. Artis REIT
5/5/2022 233 Argentia Road Mississauga 146,551 $40,050,000 $273 n/a n/a Soneil Investments Crown Realty Partners
4/22/2022 5800 Explorer Drive Mississauga 110,000 $35,500,000 $323 n/a n/a Private Triovest/TDAM
4/19/2022 2660 Matheson Boulevard East Mississauga 78,751 $26,200,000 $333 n/a n/a Private/User Polaris
4/6/2022 90-110 Matheson Boulevard West Mississauga 899,675 $208,600,000 $232 n/a 90.00% Crown Realty Partnerts Orlando Corporation
3/1/2022 2360 Meadowpine Boulevard Mississauga 97,977 $27,700,000 $283 n/a 94.00% Rathcliffe Properties Private
1/20/2022 5600 & 5705 Cancross Court Mississauga 143,877 $35,500,000 $247 n/a n/a Kingsett Capital Artis REIT
11/8/2021 Allstate Corporate Centre Markham 577,214 $183,000,000 $317 6.75% 97.00% Groupe Mach Crown Realty Partners, Crestpoint RE Inv.
11/5/2021 175 Commerce Valley Drive Markham 113,274 $30,000,000 $265 n/a 90.00% Groupe Mach Standard Life
10/7/2021 Bell Creekbank Campus Mississauga 1,100,000 $443,400,000 $403 7.00% 100.00% Oak Street RE Capital H&R REIT
10/5/5021 Meadowvale Court I&II Mississauga 143,975 $49,000,000 $340 n/a 80.00% CanFirst Capital Management Europro Inc.
9/14/2021 Steeles Technology Campus Markham 644,146 $207,100,000 $338 5.50% 93.00% Crestpoint RE Inv. Crestpoint RE Inv., PSP, NA Development
Greater Toronto Area Office - Total / Avg. 4,155,268 $1,316,050,000 $319 6.52%
Chicago Office2
2/2/2022 35 W Wacker Chicago 1,118,148 $420,000,000 $376 7.14% 94.4% Opal Holdings Mega Home Group
11/22/2021 333 S LaSalle Chicago 288,000 $39,500,000 $137 n/a 63.4% ComEd CME Group, Inc..
10/27/2021 2 N Lasalle Chicago 708,518 $180,000,000 $260 7.20% 74.0% Foundation Capital Partners The Hearn Company
7/31/2021 555 W Monroe Chicago 430,000 $70,000,000 $171 n/a 0.0% State of Illinois Principal Global Investors
7/19/2021 1000 W Fulton Chicago 531,190 $355,000,000 $668 4.70% 99.2% Office Properties Income Trust American Realty
7/18/2021 210 N Carpenter Chicago 203,589 $160,000,000 $786 4.50% 94.0% Deka Immoblien Sterling Bay
8/1/2020 333 S Wabash (CNA Center) 2020 Chicago 1,205,458 $370,000,000 $307 5.40% 90.0% SHVO / Deutsche Finance / BLG Capital Morgan Stanley / The John Buck Company
5/12/2020 225 W Wacker Chicago 650,812 $210,000,000 $323 4.10% 95.5% Spear Street Mirae Asset Management
Chicago Office - Total / Avg. 5,135,715 US$1,804,500,000 US$353 5.00%
Office Transaction Comparables
Note: all amounts in C$ unless otherwise noted.
1 PSF denotes per square foot.
2Amounts are shown in US$.
Above SOT’s Greater Toronto Area portfolio valuation of $275 PSF1
Above SOT’s Chicago portfolio valuation of US$259 PSF1

Atlantic Canada Office
6/29/2020 18 Hebron Way St. John's 97,000 $33,400,000 $344 n/a 100.0% ExxonMobil KMK Properties
2/12/2020 6080 Young Street Halifax 141,000 $26,700,000 $189 7.50% 95.0% F.S. Industries (Eastlink) Choice REIT
Atlantic Canada Office - Total / Avg. 238,000 $60,100,000 $253 7.50%
Western Canada Office
12/31/2020 730 Taylor Ave Winnipeg 10,024 $2,550,000 $254 n/a n/a n/a n/a
12/31/2020 500 Dovercourt Winnipeg 7,508 $1,473,000 $196 n/a n/a n/a n/a
12/31/2020 211 Bannatyne Winnipeg 5,307 $1,400,000 $264 n/a n/a n/a n/a
Western Canada Office - Total / Avg. 22,839 $5,423,000 $237 n/a
Ireland Office
Q3 2021
Blocks A & B Parkgate Business
Centre
Dublin 41,968 €24,350,000 €580 4.95% n/a Union Investments Blackstone
Q3 2021 Block P2, Eastpoint Business Park Dublin 49,366 €15,000,000 €304 7.56% n/a n/a n/a
Q2 2021
Block A, Cork Business &
Technology Park
Cork 14,452 €2,100,000 €145 5.04% n/a n/a n/a
Q2 2021
Building 4 Eastgate Road Little
Island
Cork 21,085 €3,600,000 €171 7.40% n/a n/a n/a
Q1 2021 Oak House, Millenium Business Park Naas 39,550 €10,800,000 €273 7.54% n/a n/a Wealth Options
Ireland Office - Total / Avg. 166,421 €55,850,000 €336 6.31%
Office Transaction Comparables
Note: all amounts in C$ unless otherwise noted.
1 PSF denotes per square foot.
Above SOT’s Ireland portfolio valuation of €194 PSF1
Above SOT’s Western Canada portfolio valuation of $189 PSF1
Above SOT’s Atlantic Canada portfolio valuation of $223 PSF1

Strong Corporate Governance
Independent Audit Committee Investment Committee
Compensation, Governance
and Nominating Committee
Thomas Farley (Chair) Yes Member Chair Member
Monty Baker Yes Chair Member Member
Lori-Ann Beausoleil Yes Member Member
Michael Fitzgerald Yes Member Member
Meredith Michetti Yes Chair
Blair Welch No Member
Brady Welch No

1 Includes a seven-storey office building at 280 Broadway Avenue, a three-storey multi-family residential building located at 70 Smith Street and two parking lots located at 286 Broadway
Avenue and 68 Smith Street; excludes occupancy from residential tenants at 70 Smith Street
2 At 100% Share
Property List
Property Address Property Name City Ownership
Square Feet of
GLA2 Occupancy
United States Office
1 20 South Clark Street Chicago, IL 100.0% 370,542 84.9%
2 120 South LaSalle Street Chicago, IL 100.0% 656,417 88.5%
Total United States Office 1,026,959 87.2%
Greater Toronto Area Office
3 7030, 7050, 7100 Woodbine Avenue & 55, 85 Idema Road Woodbine & Steeles Corporate Centre Markham, ON 75.0% 359,563 89.0%
4 3000 – 3100 Steeles Avenue East Gateway Centre Markham, ON 75.0% 243,644 84.7%
5 2655 – 2695 North Sheridan Way The Sheridan Exchange Mississauga, ON 75.0% 158,233 91.0%
6 2285 Speakman Drive Mississauga, ON 100.0% 127,419 100.0%
9 1189 Colonel Sam Drive Oshawa, ON 100.0% 103,179 100.0%
10 185 – 195 The West Mall West Metro Corporate Centre Toronto, ON 75.0% 618,427 76.9%
11 401 – 405 The West Mall Commerce West Toronto, ON 75.0% 412,450 79.3%
12 105 Moatfield Drive Toronto, ON 100.0% 248,981 88.8%
13 95 Moatfield Drive Toronto, ON 100.0% 156,426 100.0%
Total Greater Toronto Area Office 2,671,684 84.7%
Western Office
14 280 Broadway Avenue1 Winnipeg, MB 100.0% 105,341 86.2%
15 114 Garry Street Winnipeg, MB 100.0% 74,246 100.0%
16 1450 Waverley Street Bell MTS Data Centre Winnipeg, MB 100.0% 64,218 100.0%
17 365 Hargrave Street Winnipeg, MB 100.0% 70,719 100.0%
18 1870 Albert Street Saskatchewan Place Regina, SK 100.0% 84,862 56.3%
Total Western Office 399,386 87.1%

1 GLA and occupancy stats do not include the Delta Brunswick Hotel.
2 At 100% Share
Property List
Square Feet
of GLA2 Occupancy
Atlantic Office
19 440 King Street Kings Place Fredericton, NB 100.0% 298,454 73.7%
20 250 King Street Fredericton, NB 100.0% 80,162 100.0%
21 460 Two Nations Crossing Fredericton, NB 100.0% 50,229 100.0%
22 570 Queen Street Fredericton, NB 100.0% 69,741 49.5%
23 644 Main Street Blue Cross Centre Moncton, NB 100.0% 319,705 94.5%
24 81 Albert Street Moncton, NB 100.0% 64,954 100.0%
25 39 King Street1
Brunswick Square Saint John, NB 100.0% 508,516 63.3%
26 100 New Gower Street Cabot Place St. John's, NL 100.0% 143,975 56.4%
27 10 Factory Lane The Johnson Building St. John's, NL 100.0% 210,863 75.5%
28 5 Springdale Street Fortis Place St. John's, NL 100.0% 142,973 73.0%
29 140 Water Street TD Place St. John's, NL 100.0% 106,031 47.6%
30 1505 Barrington Street Maritime Centre Halifax, NS 100.0% 528,511 86.7%
31 84 – 86 Chain Lake Drive Halifax, NS 100.0% 77,983 90.8%
Total Atlantic Office 2,602,097 76.8%
Ireland Office
32 One Gateway, Eastwall Road One Gateway Dublin, IL 100.0% 51,495 46.6%
33 Three Gateway, Eastwall Road Three Gateway Dublin, IL 100.0% 43,212 100.0%
34 Ashtown Gate, Navan Road Ashtown Gate Block B&C Dublin, IL 100.0% 33,149 100.0%
35 3022 Lake Drive, Citywest Business Campus Citywest Blocks E&F Dublin, IL 100.0% 45,972 73.0%
36 Birchhouse, Milennium Park Birch House, Millennium Park Naas, IL 100.0% 40,333 100.0%
37 Chestnut House, Milennium Park Chestnut House, Millennium Park Naas, IL 100.0% 31,600 100.0%
38 Hazel House, Millennium Park Hazel House, Millennium Park Naas, IL 100.0% 19,465 66.9%
39 Ash House, Lime tree Avenue, Millennium Park Ash House, Millennium Park Naas, IL 100.0% 19,108 100.0%
40 Willow House, Millennium Park Willow House, Millennium Park Naas, IL 100.0% 17,765 100.0%
41 Beech House, Millenium Park Beech House, Millennium Park Naas, IL 100.0% 12,702 100.0%
42 Teleflex Medical Europe Limited Athlone Business and Technology Park Teleflex Athlone, IL 100.0% 45,370 100.0%
43 2600 Airport Rd Unit 2600, Cork Airport Cork, IL 100.0% 40,827 49.6%
44 Mallow Business Park, Goulds Hill Blackwater House Mallow, IL 100.0% 30,015 91.6%
45 Optum Letterkenny Business Park, Windyhall Optum Buildings Letterkenny, IL 100.0% 90,548 100.0%
46 1, Butlerstown, Co. IDA Waterford Block A Waterford, IL 100.0% 28,027 100.0%
Total Ireland Office 549,588 87.4%

1 GLA and occupancy stats do not include the Delta Brunswick Hotel.
2 At 100% Share
Property List
Square Feet of
GLA2 Occupancy
Lite-Industrial
47 8 Constellation Rd, Airways Industrial Estate Airways Unit 7 & 8 Dublin, IL 100.0% 87,969 100.0%
48 1 Willow Dr Unit L2 Toughers Naas, IL 100.0% 34,494 100.0%
49 Tanola House, Coes Road Tanola House Dundalk, IL 100.0% 86,451 100.0%
50 Unit A, Athlone Business and Technology Park, Garrycastle IDA Athlone Block A Athlone, IL 100.0% 33,693 100.0%
51 Unit B IDA Business & Technology Park, Dublin Road IDA Athlone Block B & B2 Athlone, IL 100.0% 101,230 100.0%
52 Athlone Business and Technology Park, C IDA Athlone Block C Athlone, IL 100.0% 26,447 100.0%
53 Athlone Business and Technology Park, C - Extension IDA Athlone Block C Athlone, IL 100.0% 35,897 100.0%
Total Lite-Industrial 370,284 100.0%
Retail
54 200 Manitoba 10 Walmart Flin Flon Flin Flon, MB 100.0% 63,439 100.0%
55 Bridge Ln, Tullamore, Co. Offaly, Ireland Bridge Centre Tullamore, IL 100.0% 6,238 100.0%
Total Non-Office 69,677 100.0%
Total Portfolio 7,725,572 83.6%

Analyst Coverage
BMO Capital Markets
Jenny Ma
jennys.ma@bmo.com
CIBC
Scott Fromson
scott.fromson@cibc.com
Cormark Securities
Sairam Srinivas
ssrinivas@cormark.com
TD Securities
Jonathan Kelcher
jonathan.kelcher@tdsecurities.com
National Bank Financial
Matt Kornack
matt.kornack@nbc.ca
Canaccord Genuity
Chris Koutsikaloudis
ckoutsikaloudis@cgf.com
Laurentian Bank Securities
Frédéric Blondeau
blondeauf@lb-securities.ca
Raymond James
Brad Sturges
brad.sturges@raymondjames.ca
iA Capital Markets
Johann Rodrigues
johann.rodrigues@iagto.ca

Disclaimer
Forward-Looking Statements
This presentation contains forward-looking information within the meaning of applicable securities laws. These statements include, but are not limited to, statements
concerning the REIT’s objectives, its strategies to achieve those objectives, as well as statements with respect to management’s beliefs, plans, estimates, and intentions, and
similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Readers should not place undue
reliance on any such forward-looking statements. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the REIT to be materially different from any future results, performance or achievements expressed or implied by the
forward-looking information. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking
statements contained herein. Such forward-looking statements are based on a number of assumptions that may prove to be incorrect, including, but not limited to, the
continued availability of mortgage financing and current interest rates; the extent of competition for properties; assumptions about the markets in which the REIT and its
subsidiaries operate; the global and North American economic environment; and changes in governmental regulations or tax laws. Although the forward-looking information
contained in this presentation is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with
these forward-looking statements. Certain statements included in this presentation may be considered “financial outlook” for purposes of applicable securities laws, and such
financial outlook may not be appropriate for purposes other than this presentation. Except as required by applicable law, the REIT undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Non-IFRS Measures
This presentation contains financial measures that do not have a standardized meaning under International Financial Reporting Standards (“IFRS”) as prescribed by the
International Accounting Standards Board. The REIT uses the following non-IFRS financial measures: Funds from Operations (“FFO”), Adjusted Funds from Operations
(“AFFO”), Net Operating Income (“NOI”), and Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”). Management believes that in addition to
conventional measures prepared in accordance with IFRS, investors in the real estate industry use these non-IFRS financial measures to evaluate the REIT’s performance
and financial condition. Accordingly, these non-IFRS financial measures are intended to provide additional information and should not be considered in isolation or as a
substitute for performance measures prepared in accordance with IFRS. In addition, they do not have standardized meanings and may not be comparable to measures used
by other issuers in the real estate industry or other industries.
Use of Estimates
The preparation of the REIT financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions that affect the reported
amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses
during the reporting period. Management’s estimates are based on historical experience and other assumptions that are believed to be reasonable under the circumstances.
Actual results could differ from those estimates under different assumptions.

Slate Asset Management
121 King Street W, Suite 200
Toronto, ON M5H 3T9
slateam.com

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