An anonymous director reports

PRESS RELEASE CORRECTION

Melcor Developments Ltd. has corrected its press release entitled "Melcor Developments announces results for 2023, declares $0.11 per share dividend," which was issued on March 13, 2024.

The initial press release incorrectly stated that the payable date for the dividend declared would be March 29, 2024. The correct payable date is March 28, 2024. The record date and the declaration date remain unchanged from what was previously announced.

This press release should be read in conjunction with the initial press release. These corrections do not change any other information reported in the initial press release.

About Melcor Developments Ltd.

Melcor Developments is a diversified real estate development and asset management company that transforms real estate from raw land through to high-quality finished product in both residential and commercial built form. Melcor Developments develops and manages mixed-use residential communities, business and industrial parks, office buildings, retail commercial centres, and golf courses. Melcor Developments owns a well-diversified portfolio of assets in Alberta, Saskatchewan, British Columbia, Arizona and Colorado.

Melcor Developments has been focused on real estate since 1923. The company has built over 140 communities across Western Canada and today manages 4.8 million square feet in commercial real estate assets and 466 residential rental units. Melcor Developments is committed to building communities that enrich quality of life -- communities where people live, work, shop and play.

Melcor Developments' headquarters is located in Edmonton, Alta., with regional offices throughout Alberta, in British Columbia and in Arizona. Melcor Developments has been a public company since 1968 and trades on the Toronto Stock Exchange (MRD).

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