An anonymous director reports

MORGUARD CORPORATION ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted a notice filed by Morguard Corp. of its intention to make a normal course issuer bid through the facilities of the TSX and/or alternative Canadian trading systems.

The notice provides that Morguard may, during the 12-month period commencing Sept. 22, 2017, and ending Sept. 21, 2018, purchase up to 592,415 common shares in total, being approximately 5 per cent of the issued and outstanding common shares. The daily repurchase restriction for the common shares is 1,000. Common shares purchased under the normal course issuer bid will be cancelled. The price that Morguard will pay for any such common shares will be the market price at the time of acquisition. Management of Morguard will determine the actual number of common shares that may be purchased and the timing of any such purchases, subject to compliance with TSX guidelines.

Under its previous normal course issuer bid, Morguard was approved to purchase up to 596,784 common shares. Morguard purchased 88,073 common shares for cancellation during the last 12 months at an average cost per share of $178.17 through the facilities of the TSX and/or alternative Canadian trading systems. As of Sept. 12, 2017, there were 11,848,309 common shares outstanding. Morguard's average daily trading volume for the prior six months is 1,552.

Morguard believes that its common shares have been trading in price ranges which do not adequately reflect their value in relation to the business of Morguard and its future business prospects. As a result, depending upon future price movements and other factors, Morguard believes that its outstanding common shares may represent an attractive investment. Furthermore, the purchases are expected to benefit all persons who continue to hold common shares by increasing their proportionate interest in Morguard.

About Morguard Corp.

Morguard is a major North American real estate and property management company. It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust, Morguard North American Residential REIT and Temple Hotels Inc. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $21.9-billion.