An anonymous trustee reports

MELCOR REIT ANNOUNCES APPOINTMENT OF BARRY JAMES AND BRANDON KOT AS MELCOR REIT TRUSTEES AND PROVIDES STRATEGIC REVIEW UPDATE

Melcor Real Estate Investment Trust has appointed Barry James, FCA, FCPA, ICD.D, and Brandon Kot as new trustees of Melcor REIT, effective immediately.

Mr. James brings extensive board and financial experience to the REIT. Mr. James qualified as a chartered accountant in 1983 and became a fellow of the Chartered Accountants in 2007. He was admitted to the PricewaterhouseCoopers partnership in 1989 and served as managing partner of the Edmonton office from 2001 to 2011. Since then, Mr. James has served on multiple boards, including current roles as vice-chair and audit committee chair of ATB Financial, as well as audit committee chair for Corus Entertainment, AutoCanada Inc. and the University of Alberta Property Trust. He also serves on several private fiduciary and advisory boards. Mr. James will serve as chair of the audit committee.

Mr. Kot has extensive experience in the real estate market and has established himself as a leader in Canada's commercial mortgage industry. Mr. Kot obtained his bachelor of commerce from the University of Alberta in 2005 and is currently a managing partner of Canada ICI Capital Corp., a national real estate finance group, having worked there for almost 20 years. He also serves as a member of the board of trustees for the Stollery Children's Hospital Foundation, and is an active member of the Real Estate Council of Alberta and Mortgage Professionals Canada.

Ralph Young, chairman of the REIT, commented, "We are grateful to have Mr. James and Mr. Kot accept roles on the board of trustees, and we look forward to their experience and contributions benefiting the REIT's board of trustees."

Strategic review update

On Feb. 22, 2024, the REIT announced the commencement of a strategic review process. This review process is being overseen by an independent committee composed of members of the REIT's independent trustees, specifically including Richard Kirby, Bernie Kollman and Mr. James. Mr. Kirby is serving as chair of the committee.

The independent committee has appointed BMO Capital Markets as financial adviser, and as previously disclosed, DLA Piper (Canada) LLP has been retained as legal counsel.

There can be no assurance that the strategic review process will result in the REIT pursuing or consummating any transaction or alternative, nor any assurance as to its outcome or timing. The independent committee has not set a completion date for the culmination of the strategic review process, and the REIT does not intend to comment further on the review until it determines that additional disclosure is appropriate or required.

First quarter 2024 annual results

Melcor REIT results for the first quarter and period ended March 31, 2024, are scheduled to be released on May 8, 2024. Management will host a conference call at 11 a.m. ET (9 a.m. MT) on May 9, 2024.

Conference call details

Canada/United States toll-free:  1-844-763-8274

International toll:  1-647-484-8814

Webcast and replay

The call will also be webcast (listen only). A replay of the call will be available after the call is concluded.

About Melcor Real Estate Investment Trust

Melcor REIT is an unincorporated, open-ended real estate investment trust. Melcor REIT 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 3.15 million square feet of gross leasable area located across Alberta and in Regina, Sask., and Kelowna, B.C.

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