Ms. Angela Sahi reports

MORGUARD ANNOUNCES $250 MILLION OFFERING OF 4.307% SERIES J SENIOR UNSECURED DEBENTURES AND EARLY REDEMPTION OF SERIES H SENIOR UNSECURED DEBENTURES

Morguard Corp. has agreed to issue $250-million aggregate principal amount of Series J senior unsecured debentures. These debentures will bear interest at a rate of 4.307 per cent per annum and will mature on June 18, 2029. The anticipated closing date of the transaction is June 18, 2026. The debentures are being offered on an agency basis by a syndicate of agents with RBC Capital Markets and TD Securities acting as joint bookrunners and co-lead agents. Morningstar DBRS has assigned a provisional rating of BBB (low) with a stable trend relating to the debentures.

Morguard also announced that it will redeem all of its outstanding 9.5 per cent Series H senior unsecured debentures due Sept. 26, 2026, on June 22, 2026. The net proceeds of the offering will be used toward the early redemption of the 2023 debentures and for general corporate purposes.

The redemption price has been determined in accordance with the provisions of the trust indenture dated Dec. 10, 2013, and the supplemental indenture related to the 2023 debentures. The redemption price will be paid in cash and is approximately $1,014.753 per $1,000 principal amount of 2023 debentures, together with accrued and unpaid interest on the 2023 debentures up to, but excluding, the redemption date.

Notice of redemption has been delivered today, June 11, 2026, to CDS & Co., and the trustee, Computershare Trust Company of Canada.

Non-registered holders (banks, brokerage firms or other financial institutions) who maintain their interests in the 2023 debentures through CDS should contact their CDS customer service representative with any questions about the redemption. Alternatively, beneficial holders with any questions about the redemption should contact their respective brokerage firm or financial institution, which holds interests in the 2023 debentures through CDS on their behalf.

The offering is being made on a private placement basis in each of the provinces of Canada and the debentures will be issued pursuant to the trust indenture, as supplemented. The debentures will rank pari passu with Morguard's outstanding senior unsecured debentures.

About Morguard Corp.

Morguard is a major North American real estate and property management company. It has extensive retail, office, hotel and residential holdings owned directly and through its investment 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 $18.7-billion.

We seek Safe Harbor.