Mr. Ralph Young reports

LARRY POLLOCK AND CAROLYN GRAHAM RESIGN AS MELCOR REIT TRUSTEES

Melcor Real Estate Investment Trust's Larry Pollock and Carolyn Graham have resigned as trustees of Melcor. In accordance with the REIT's declaration of trust, the resignations will be effective March 5, 2024, or such earlier date as the board may determine.

Ralph Young, chairman of the board of Melcor, commented: "On behalf of the board of trustees, we thank Mr. Pollock and Ms. Graham for their valued contributions to the board. We wish both Mr. Pollock and Ms. Graham all the best in their future endeavours."

The board is engaged in identifying and evaluating alternatives with respect to new board trustees and board composition and will continue to follow the requirements of the REIT's declaration of trust.

About Melcor Real Estate Investment Trust

Melcor is an unincorporated, open-ended real estate investment trust. Melcor owns, acquires, manages and leases quality retail, office and industrial income-generating properties in Western Canada. Its portfolio is currently made up of interests in 38 properties, representing approximately 3.1 million square feet of gross leasable area, located across Alberta and in Regina, Sask., and Kelowna, B.C.