Canadian Net Real Estate Investment Trust : “Canadian Net” or the “Trust”) announced that they have accepted the resignation of its President, CEO and Trustee, Jason Parravano. After 8 successful years with the Trust, Mr. Parravano will be stepping down from his position on April 25th, 2023. At that time, Kevin Henley, Chief Investment Officer, will assume the role of President and CEO. Kevin Henley has been with the REIT for just over 6 years now and has worked alongside Mr. Parrava

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106 Gun Avenue Pointe Claire, Qc, H9R 3X3 (450) 536-5328 www.cnetreit.com PRESS RELEASE FOR IMMEDIATE RELEASE March 22, 2023 CANADIAN NET REIT ANNOUNCES ITS RESULTS FOR THE YEAR ENDED DECEMBER 31, 2022, AND Q2 2023 MONTHLY DISTRIBUTIONS Montréal (Québec) - (TSX-V: NET.UN) Canadian Net Real Estate Investment Trust ("Canadian Net" or the "Trust") announces its results for the year ended December 31 st , 2022, and monthly distributions for the months of April, May and June 2023. Jason Parravano, President and CEO says: " It is my pleasure to share with you our 2022 results, which demonstrate another great year of per unit FFO growth. Despite a turbulent year, we managed to complete 10 acquisitions to help propel our results. Going into 2023, we remain diligent as we navigate a more volatile interest rate environment, as well as other macroeconomic headwinds. Our focus is to optimize our existing properties in order to deliver consistent results for our unit holders. " RESULTS For the quarter ended December 31 st , 2022 , Canadian Net reported funds from operations per unit 1 ("FFO per unit") of $0.162 compared to $0.147 per unit for the quarter ended December 31 st , 2021, an increase of 10%. Funds from Operations 1 (" FFO ") was $3,329,459, an increase of 12% relative to $2,971,560 in Q4 2021. During Q4 2022 , the Trust's property rental income was $7,052,983 compared to $4,932,753 in Q4 2021, an increase of 43%. Net Operating Income 1 ("NOI" ) was $4,878,281 compared to $3,904,277 in Q4 2021, an increase of 25%. Canadian Net also recorded a loss attributable to unitholders of $9,309,990 compared to a net income of $7,453,246 in Q4 2021. For the twelve-month period ended December 31 st , 2022 , Canadian Net reported FFO per unit 1 of $0.636 compared to $0.581 per unit for the same period in 2021, an increase of 9%. FFO 1 was $13,039,054, an increase of 21% relative to $10,791,751 for the twelve-month period ended December 31 st , 2021. During the period, the Trust's property rental income was $24,729,024 compared to $18,953,524 for the same period in 2021, an increase of 30%. NOI 1 was $18,372,314 compared to $14,321,735 for the same period in 2021, an increase of 28%. Canadian Net also recorded a net loss attributable to unitholders of $6,493,632 compared to net income of $25,090,167 for the same period in 2021. The FFO 1 increase was primarily due to the impact of the newly acquired properties, partially offset by interest on mortgages associated with said properties and higher interest rates on existing variable-rate mortgages and credit facilities. On the rental income and NOI 1 sides, the increases can be explained by the impact of the newly acquired properties. Finally, the net income variance can be attributed to the impact of NOI 1 from newly acquired properties, partially offset by interest on mortgages associated with said properties, as well as the change in the fair value of investment properties. 1 This is a non-IFRS financial measure that does not have any standardized IFRS meaning and as such may not be comparable to other issuers. Refer to section " Non-IFRS Financial Measures ". DISTRIBUTIONS Canadian Net announces that it will make monthly cash distributions of $0.02875 per unit, representing $0.345 per unit on an annualized basis, on April 28 th , May 31 st and June 30 th , 2023, to unitholders of record on April 14 th , May 15 th and June 15 th , 2023, respectively. The tables below represent other financial highlights as well as the reconciliations of certain non-IFRS measures for the periods ended December 31 st , 2022, and its comparative period. This information should be read in conjunction with the Audited Consolidated Financial Statements and MD&A for the quarter ended December 31 st , 2022, and the Audited Consolidated Financial Statements and MD&A for the quarter ended December 31 st , 2021. SUMMARY OF SELECTED FINANCIAL INFORMATION 12 months Periods ended December 31 Financial info 2022 2021 Δ % Property rental income Net income (loss) and comprehensive income (loss) NOI (1) FFO (1) AFFO (1) EBITDA (1) Adjusted EBITDA (1) Investment properties Adjusted investment properties (1) Total assets Mortgages Long-term debt Current portion of mortgages and long term-debt Mortgages on investment properties held for sale Credit facilities Total convertible debentures Total equity Weighted average units o/s - basic Amounts on a per unit basis 24,729,024 (6,493,632) 18,372,314 13,039,054 12,152,784 (226,479) 18,693,878 275,425,158 326,897,963 303,059,853 135,680,946 45,000 16,516,785 3,498,066 15,725,362 8,635,474 118,687,767 20,514,719 18,953,524 25,090,167 14,321,735 10,791,751 10,033,624 29,653,605 14,946,751 252,947,654 298,465,593 278,165,686 121,549,841 60,000 11,796,018 - 2,885,000 8,416,510 129,814,467 18,575,569 FFO (1) AFFO (1) Distributions 0.636 0.592 0.340 0.581 0.540 0.300 5,775,500 30% (31,583,799) (126%) 4,050,579 28% 2,247,303 21% 2,119,160 21% (29,880,084) (101%) 3,747,127 25% 22,477,504 9% 28,432,370 10% 24,894,167 9% 14,131,105 12% (15,000) (25%) 4,720,767 40% 3,498,066 n/a 12,840,362 445% 218,964 3% (11,126,700) (9%) 1,939,150 10% 0.055 9% 0.052 10% 0.040 13% (1) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section "Non - IFRS financial measures". NON-IFRS FINANCIAL MEASURES The Trust's con solidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non-IFRS financial measures: FFO, FFO per unit, AFFO, AFFO per unit, NOI, and Adjusted Investment Properties. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning, and may not be comparable with similar measures presented by other issuers. Canadian Net has presented such non-IFRS measures as management of the Trust believes they are relevant measures of Canadian Net's underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to net income, cash generated from (utilized in) operating activities, or comparable metrics determined in accordance with IFRS as indicators of the Trust's performance, liquidity, cash flow, and profitability. Information appearing in this news release is a select summary of results. This news release should be read in conjunction with the condensed consolidated financial statements and MD&A for the Trust. Please refer to the "Non IFRS Financial Measures" section in Canadian Net's management's discussion and analysi s for the period ended December 31, 2022, available under Canadian Net's profile on SEDAR at www.sedar.com for a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS. Such explanation is incorporated by reference herein. In addition, below are the reconciling tables for the non-IFRS measures used in this press release. Reconciliation of Investment Properties to Adjusted Investment Properties As at December 31 2022 Investment Properties Developed properties Investment properties held for sale Joint Venture Ownership (1) Developed properties Properties under development 252,947,654 - 42,374,347 9% n/a 1% 3,143,592 (14%) 275,425,158 5,868,069 42,886,822 2,717,914 Adjusted Investment Properties (2) 326,897,963 298,465,593 10% (1) Represents Canadian Net's proportionate share 2021 Δ (2) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section " Non-IFRS financial measures " Results of Operations Periods ended December 31 Rental Income Operating costs 7,052,983 (2,174,702) 4,932,753 (1,028,476) 2,120,230 (1,146,226) 3,904,277 974,004 1,100,189 (2,935,924) 3,354,091 (13,742,264) 57,674 (57,674) (49) (95,392) (192,252) (26,252) (625,316) (1,028,041) (145,368) 148,307 7,453,246 (16,763,236) 2,971,560 12% 0.147 10% 20,193,078 399,655 24,729,024 (6,356,710) 18,953,524 (4,631,789) 5,775,500 (1,724,921) Net Operating Income (1) Share of net income (loss) from investments in joint ventures Increase/(decrease) in fair values of investment properties Realized gain on disposition of investment properties Unit-based compensation Administrative expenses Financial expenses Deferred income taxes Net income 4,878,281 (1,835,735) (10,388,173) - (95,441) (218,504) (1,653,357) 2,939 18,372,314 (900,504) (16,741,220) - (602,617) (891,206) (5,733,338) 2,939 14,321,735 4,050,579 2,966,517 (3,867,021) 13,356,401 (30,097,621) 57,674 (57,674) (308,595) (294,022) (811,390) (79,816) (4,346,807) (1,386,531) (145,368) 148,307 and comprehensive income (9,309,990) (6,493,632) 25,090,167 (31,583,799) FFO (1) FFO per unit (1) 3,329,459 0.162 13,039,054 0.636 10,791,751 21% 0.581 9% Weighted avg. units o/s Basic 20,592,733 20,514,719 18,575,569 1,939,150 2022 3 months 2021 Δ 12 months 2022 2021 Δ (1) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section "Non - IFRS financial measures" Reconciliation Of Net Income to Funds From Operations Periods ended December 31 Net income (loss) attributable to unitholders Δ in value of investment properties Δ in value of investment properties in joint ventures Unit based compensation Δ fair value adjustments on derivative financial instruments Interest on the lease liability Income taxes Realized (gain) loss on sale of investment properties Realized (gain) loss on sale of investment properties in joint ventures (9,309,990) 10,388,173 2,299,667 95,441 (148,393) - 4,561 - - 7,453,246 (16,763,236) (3,354,091) 13,742,264 (642,015) 2,941,682 49 95,392 (564,707) 416,314 7,383 (7,383) 154,868 (150,307) (57,674) 57,674 (25,499) 25,499 2,971,560 12% 0.147 10% 1,513,944 234,424 0.075 13% 0.072 6% 51% 2% (6,493,632) 16,741,220 2,718,206 602,617 (539,069) 7,483 2,229 - - 25,090,167 (31,583,799) (13,356,401) 30,097,621 (1,258,966) 3,977,172 308,595 294,022 (91,487) (447,582) 28,936 (21,453) 154,080 (151,851) (57,674) 57,674 (25,499) 25,499 FFO (1) FFO per unit (1) 3,329,459 0.162 13,039,054 0.636 10,791,751 21% 0.581 9% Distributions Distributions per unit FFO per unit (1) - after distributions 1,748,368 0.085 0.077 6,966,904 0.340 0.296 5,577,658 1,389,246 0.300 13% 0.281 5% Distributions per unit as a % of FFO per unit (1) 53% 53% 52% 1% Weighted avg. units o/s Basic 20,592,733 20,193,078 399,655 20,514,719 18,575,569 1,939,150 2022 3 months 2021 Δ 12 months 2022 2021 (1) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section "Non - IFRS financial measures" Δ Adjusted Funds from Operations Periods ended December 31 3 months 2022 2021 Δ 12 months 2022 2021 Δ FFO (1) Amortization of finance charges included in interest expense Straight-line rent adjustment (2) Maintenance/cap-ex on existing properties (3) Leasing costs on existing properties Debt extinguishment penalties 3,329,459 - (113,612) (241,330) - - 2,971,560 357,899 - (152,640) - 39,028 (19,301) (222,029) - - - - 2,799,619 6% 0.139 4% 0.075 0.064 13% (7%) 54% 5% 20,193,078 399,655 13,039,054 - (475,892) - (410,378) - - 10,791,751 2,247,303 - (599,960) - (158,167) - 124,068 - (252,211) - - - - AFFO (1) AFFO per unit (1) 2,974,517 0.144 12,152,784 0.592 10,033,624 21% 0.540 10% Distributions per unit AFFO per unit (1) - after distributions 0.085 0.059 0.340 0.252 0.300 13% 0.240 5% Distributions per unit (1) as a % of AFFO per unit (1) 59% 57% 56% 1% Weighted avg. units o/s Basic 20,592,733 20,514,719 18,575,569 1,939,150 (1) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section "Non - IFRS financial measures" (2) Adjusted for the proportionate share of equity-accounted investments (3) The maintenance/cap-ex on existing properties for 2022 includes a charge of approximately $188,000 for the expansion of a property, which will generate additional income Reconciliation of Net Income to EBITDA 3 months Periods ended December 31 2022 2021 Δ 12 months 2022 2021 Δ Net income attributable to unitholders Net interest expense Interest on the lease liability Income taxes Other financial charges (9,309,990) 1,798,956 - 4,561 2,794 7,453,246 (16,763,236) 1,186,697 612,259 (7,383) 7,383 154,868 (150,307) 3,326 8,790,754 (532) (16,294,433) (3,354,091) 13,742,264 (642,015) 2,941,682 (649,916) 85,209 4,229,941 501,523 (85,209) 19% 1,061,279 826,881 891,573 232,825 1,952,852 54% 4.0x (1.3x) 2.2x (0.5x) (6,493,632) 6,262,620 (7,483) 2,229 9,787 25,090,167 (31,583,799) 4,431,479 1,831,141 (28,936) 21,453 154,080 (151,851) 6,815 2,972 EBITDA (1) Δ in value of investment properties Δ in value of investment properties in joint ventures Δ in value of convertible debentures Δ in value of warrants (7,503,679) 10,388,173 2,299,667 (148,393) - (226,479) 16,741,220 2,718,206 (465,889) (73,180) 29,653,605 (29,880,084) (13,356,401) 30,097,621 (1,258,966) 3,977,172 (377,068) (88,821) 285,581 (358,761) Adjusted EBITDA (1) Interest expense Principal repayments 5,035,768 1,888,160 1,124,398 18,693,878 6,582,923 4,374,378 14,946,751 25% 4,393,839 2,189,084 3,315,890 1,058,488 Debt service requirements 3,012,558 10,957,301 7,709,729 42% Interest coverage ratio based on ii iii adjusted EBITDA (1) Debt service coverage based on ii iii adjusted i EBITDA (1) 2.7x 1.7x 2.8x 1.7x 3.4x (0.6x) 1.9x (0.2x) (1) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section "Non - IFRS financial measures" EARNINGS WEBCAST Canadian Net will host a webcast on March 23 rd , 2023, at 10:00 am (EST) in order to discuss the results. The link to join the webcast is the following: https://edge.media-server.com/mmc/p/cxgnnv3r About Canadian Net - Canadian Net Real Estate Investment Trust is an open-ended trust that acquires and owns high-quality triple net and management-free commercial real estate properties. Forward-Looking Statements - This press release contains forward-looking statements and information as defined by applicable securities laws. Canadian Net warns the reader that actual events may differ materially from current expectations due to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such statements. Among these include the risks related to economic conditions, the risks associated with the local real estate market, the dependence to the financial condition of tenants, the uncertainties related to real estate activities, the changes in interest rates, the availability of financing in the form of debt or equity, the effects related to the adoption of new IFRS standards, as well as other risks and factors described from time to time in the documents filed by Canadian Net with securities regulators, including the management report. Canadian Net does not update or modify its forward-looking statements even if future events occur or for any other reason unless required by law or any regulatory authority. Neither the TSX Venture Exchange Inc. nor its Regulatory Services Provider (as that term is defined in the Policy of the TSX Venture Exchange and its Regulatory Services Provider) accepts any responsibility for the adequacy or accuracy of this release. The December 31 th , 2022, financial statements and management discussion & analysis of Canadian Net may be viewed on SEDAR at www.sedar.com . For further information please contact Jason Parravano at (450) 536-5328.

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