Mr. Michael Zakuta reports

PLAZA RETAIL REIT RENEWS NORMAL COURSE ISSUER BID

Plaza Retail REIT has received approval from the Toronto Stock Exchange to renew its existing normal course issuer bid (NCIB) for a further year. Under the terms of the renewed NCIB, Plaza may purchase up to 7,107,380 of its issued and outstanding trust units, being approximately 10 per cennt of Plaza's public float of units as of Sept. 14, 2023. As of that date, Plaza had 110,377,582 units issued and outstanding and a public float of 71,073,804 units.

Purchases under the renewed NCIB will be made on the open market through the facilities of the TSX and alternative Canadian trading systems. Subject to certain prescribed exemptions and any block purchases made in accordance with the rules of the TSX, daily purchases made by Plaza may not exceed 11,148 units, representing 25 per cent of the average daily trading volume of the units on the TSX for the six-month period ended Aug. 31, 2023 (being 44,595 units).

The period of the renewed NCIB will commence on Sept. 28, 2023, and will conclude on the earlier of the date on which purchases under the bid have been completed or Sept. 27, 2024. Plaza believes that units may be available during the period of the renewed NCIB at prices that would make the purchase of such units in the best interests of Plaza and its unitholders and is a desirable use of Plaza's funds. All units that are purchased under the NCIB will be cancelled.

Plaza has also entered into a new automatic purchase plan agreement with its designated broker in order to facilitate purchases of units under the renewed NCIB. The plan, which has been precleared by the TSX, allows for purchases of units by Plaza at times when it would ordinarily not be permitted to make purchases due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Plaza's broker based upon the parameters prescribed by the TSX and the terms of the parties' written agreement. The plan will terminate on Sept. 27, 2024.

Under its current NCIB, which expires on Sept. 27, 2023, Plaza sought and obtained approval to purchase up to 6,478,960 units. Plaza purchased for cancellation 24,276 units at a weighted average price of $4.1402 per unit, as of Sept. 14, 2023. The purchases were made on the open market through the facilities of the TSX and alternative Canadian trading systems.

About Plaza Retail REIT

Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada. Plaza's portfolio at June 30, 2023, includes interests in 234 properties totalling approximately 8.8 million square feet across Canada and additional lands held for development. Plaza's portfolio largely consists of open-air centres and stand-alone small-box retail outlets and is predominantly occupied by national tenants with a focus on the essential needs, value and convenience market segments.

We seek Safe Harbor.