Mr. John DeLucchi reports

MADISON PACIFIC PROPERTIES INC.'S RESIDENTIAL DEVELOPMENT PARTNERSHIP, THE SILVERDALE HILLS LIMITED PARTNERSHIP, RECEIVES FINAL ADOPTION FROM THE CITY OF MISSION ON THE REZONING APPLICATION SUBMITTED FOR THE LOFTUS VILLAGE PROJECT

Madison Pacific Properties Inc.'s Mission residential development partnership, the Silverdale Hills Limited Partnership, has received final adoption from the City of Mission on the rezoning application of the Silverdale Hills LP submitted for 11 properties on Gunn Avenue and Loftus Street.

The company has a 50-per-cent interest in the Silverdale Hills LP, which currently owns approximately 1,400 acres of primarily residential designated development lands in Mission, B.C.

On March 4, 2024, the Silverdale Hills LP received approval from the City of Mission to rezone 11 properties totalling approximately 139 acres within the Silverdale central neighborhood plan area to the new comprehensive development 59 zone, which could accommodate residential units of varying formats, parks, trails and neighbourhood commercial uses (the Loftus Village project).

The Loftus Village project is still subject to obtaining further approvals such as development and building permit approvals, and the company making a final investment decision in relation to this project, none of which are certain as of the date of this press release.

For a review of the risks and uncertainties to which the company is subject, see its most recently filed annual and interim management's discussion and analysis.