Mr. Michael Walsh reports

LEON'S FURNITURE LIMITED ANNOUNCES 40 ACRE HIGH DENSITY MIXED-USE DEVELOPMENT IN TORONTO AT THE CROSSROADS OF HIGHWAYS 401 AND 400

Leon's Furniture Ltd. is one step closer to developing a master-planned community on 40 acres of owned land. The plan for the mixed-use development, conveniently located at Highways 401 and 400, will include residential, commercial and retail elements. LFL recently received approval from the province of Ontario to change the original employment use zoning to regeneration zoning. The 40 acres is bordered by Highway 401 to the north, Highway 400 to the west/southwest and Jane St. to the east (the parcel). The parcel is municipally addressed as 45 and 88 to 100 Gordon Mackay Rd., and 11 and 35 Suntract Rd.

The next step in the development will be to complete a secondary plan with the City of Toronto, which the company expects to complete during mid-2025. Phase 1 of the development will be focused on the building of a new flagship retail store and corporate headquarters on the site. Leon's home office has been located on this parcel since the company went public on the TSX in 1969. Subsequent phases will focus on plans for 4,000 homes, which will include townhouses, mid- and high-rise buildings, and community spaces. Leon's will be partnering with top-tier developers to co-lead the project. The company has a successful record building retail showrooms and large-scale distribution centres across Canada as it continues to move toward a centralized distribution model.

"Rezoning this large parcel of land creates an unprecedented and historic opportunity, for the city of Toronto and the company," said Michael Walsh, president and chief executive officer of Leon's. "By establishing more density as part of a multiyear, multiphase development, we will be helping to meet the overwhelming demand for additional housing within the city, while generating substantial value for LFL shareholders. We would like to acknowledge the City of Toronto and the Province of Ontario for their help and support of LFL's plans. LFL has been working closely with councillor Frances Nunziata's office, as well as the city of Toronto, and looks forward to commencing public consultation."

About Leon's Furniture Ltd.

Leon's Furniture is the largest retailer of furniture, appliances and electronics in Canada. The company's retail banners include Leon's, the Brick, Brick Outlet and the Brick Mattress Store. Finally, with the Brick's Midnorthern Appliance banner alongside with Leon's Appliance Canada banner, this makes the company the country's largest commercial retailer of appliances to builders, developers, hotels and property management companies. The company has 303 retail stores from coast to coast in Canada under various banners.