Mr. Vlad Volodarski reports

CHARTWELL ANNOUNCES ISSUANCE OF $250 MILLION OF 6.000% SERIES C SENIOR UNSECURED DEBENTURES

Chartwell Retirement Residences Real Estate Investment Trust has agreed to issue $250-million aggregate principal amount of Series C senior unsecured debentures. The debentures will bear interest at a rate of 6.000 per cent per annum and will mature on Dec. 8, 2026. The debentures will be unconditionally guaranteed by Chartwell Master Care LP. The debentures are being offered on an agency basis by a syndicate of agents led by TD Securities Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc. as joint bookrunners. The offering is expected to close on Dec. 8, 2023, subject to satisfaction of customary closing conditions. DBRS Ltd. has assigned a provisional rating of BBB (low) with a stable trend to the debentures. It is a condition to the closing of the offering that DBRS Ltd. assigns a final rating to the debentures of BBB (low) with a stable trend.

Chartwell intends to use the net proceeds from this offering to repay its maturing 3.786-per-cent Series A senior unsecured debentures and for general trust purposes, including the repayment of a portion of existing indebtedness under its secured credit facility.

The offering is being made by way of a private placement to accredited investors in each of the provinces of Canada.

About Chartwell Retirement Residences Real Estate Investment Trust

Chartwell is in the business of serving and caring for Canada's seniors, committed to its vision of making people's lives better and to providing a happier, healthier and more fulfilling life experience for its residents. Chartwell is an unincorporated, open-ended real estate trust which indirectly owns and operates a complete range of seniors housing communities from independent living through to assisted living and long-term care. Chartwell is the largest operator in Canada, serving over 25,000 residents in four provinces across the country.

We seek Safe Harbor.