Mr. Samir Manji reports

BOTH LEADING INDEPENDENT PROXY ADVISORS ISS AND GLASS LEWIS RECOMMEND ARTIS REIT UNITHOLDERS VOTE FOR THE ARRANGEMENT WITH RFA CAPITAL

Both leading independent proxy advisers, ISS and Glass Lewis, have issued recommendations that common unitholders, Series E preferred unitholders and Series I preferred unitholders of Artis Real Estate Investment Trust vote for each of the resolutions relating to the previously announced plan of arrangement with RFA Capital Holdings Inc. at the upcoming special meeting of unitholders on Dec. 11, 2025. Under the arrangement, RFA will change its name to RFA Financial Inc.

• Institutional Shareholder Services Inc. (ISS) highlighted, "The proposed transaction and corporate reorganization makes strategic sense, as the resulting issuer is expected to benefit from diversified assets, multiple revenue streams and increased growth potential compared to the status quo."
• Glass, Lewis & Co., through its recommendation, indicates there are sufficient reasons for unitholders to support the arrangement.
• Registered unitholders are reminded to submit their proxies ahead of the proxy voting deadline of Dec. 9, 2025, or for beneficial unitholders, such earlier time as specified by their intermediaries.
• If unitholders have questions about the transaction or require assistance in voting their units, please contact Heather Nikkel, senior vice-president -- investor relations and sustainability, at 1-204-947-1250.

ISS and Glass Lewis are leading independent proxy voting and corporate governance advisory firms in both Canada and the United States, whose voting recommendations are relied on by pension funds, investment firms, mutual funds, asset managers and other institutional investors.

In addition to the endorsements from ISS and Glass Lewis, the arrangement has been supported by the fairness opinions of CIBC World Markets Inc. and Haywood Securities Inc., both provided to the Artis board of trustees and the special committee of the board. For more information regarding the reasons to support the arrangement, unitholders should refer to the management information circular of the REIT dated Nov. 10, 2025. The circular and related materials for the meeting can be found under Artis's SEDAR+ profile, as well as on the REIT's website.

The board unanimously (other than the interested trustee, as described in the circular) recommends that: (i) common unitholders vote for the special resolution approving the arrangement, (ii) Series E preferred unitholders vote for the Series E resolution, (iii) Series I preferred unitholders vote for the Series I resolution, and (iv) common unitholders vote for the equity incentive plan resolution, such resolutions all as described in the circular.

In addition, Glass Lewis recommended voting in favour of the equity incentive plan of the resulting issuer whereas ISS recommended a change to further limit non-employee director participation. Artis intends to implement such change and, at the meeting, unitholders will be voting on an equity incentive plan which incorporates the ISS feedback.

Vote today

Unitholders are reminded that the deadline to vote is fast approaching. To ensure your vote is counted at the meeting, registered unitholders must submit their votes by Tuesday, Dec. 9, 2025, at 10 a.m. (Toronto time), or for beneficial unitholders, such earlier time as specified by their intermediaries. Artis encourages all unitholders to vote today to avoid missing this deadline.

The meeting is being held on Thursday, Dec. 11, 2025, at 10 a.m. (Toronto time) at the York Room of the Hilton Toronto hotel at 145 Richmond St. West, Toronto, Ont., and virtually via live audio webcast (meeting ID: 400-894-667-310, password: artis2025).

Questions? Need help voting?

If unitholders have questions about the transaction or require assistance in voting their units, please contact Heather Nikkel, senior vice-president -- investor relations and sustainability, of the REIT at 1-204-947-1250.

About Artis Real Estate Investment Trust

Artis is a diversified Canadian real estate investment trust with a portfolio of industrial, office and retail properties in Canada and the United States.

We seek Safe Harbor.