Mr. Rai Sahi reports

MORGUARD CORPORATION ANNOUNCES APPOINTMENT OF ANGELA SAHI AS PRESIDENT AND CHIEF OPERATING OFFICER

Morguard Corp. has appointed Angela Sahi, CPA, as its president and chief operating officer, effective immediately. In this new role, Angela Sahi will oversee the company's operations and drive strategic initiatives aimed at enhancing Morguard's market position and delivering value to its stakeholders.

Angela Sahi most recently held the position of executive vice-president, residential, office and industrial. Angela Sahi has extensive real estate, mergers and acquisitions, governance, and risk experience in both Canada and the United States, achieved through her time with Morguard and previously with a large public accounting firm.

"I would like to congratulate Angela on her well-deserved promotion to president and COO. Since assuming the role of executive vice-president, and in her previous roles, she has been a key contributor to Morguard's leadership team. Her strategic insights and expertise have been instrumental in shaping our success. I am confident in her abilities to lead our operations on a path of continued growth and achievement," said Rai Sahi, who continues as chairman and chief executive officer of Morguard.

The board of directors extends its congratulations to Angela Sahi on her appointment: "Angela's experience and proven leadership make her the perfect fit for this role. We have full confidence in her ability to drive Morguard forward and achieve our strategic objectives."

"I am deeply honoured and excited to take on the role of president and COO at Morguard," said Angela Sahi. "I am grateful for the trust and support of the board of directors, and I am committed to leading Morguard toward continued growth and success. Together with our talented team, I look forward to capitalizing on new opportunities and delivering reliable performance to our investors, tenants and partners.

Angela Sahi's appointment underscores Morguard's commitment to excellence and strategic leadership in the real estate sector. With her proven record and visionary approach, Morguard is well positioned to continue to navigate the evolving real estate landscape and to drive sustainable growth.

About Morguard Corp.

Morguard is a major North American real estate and property management company. It has extensive retail, office, industrial and residential holdings owned directly and through its investments in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $17.9-billion.