Mr. Jason Parravano reports

PLAZA RETAIL REIT SPECIAL COMMITTEE REVIEWING STRATEGIC ALTERNATIVES

Plaza Retail REIT has provided an update to the real estate investment trust's press release on July 7, 2026, regarding the unsolicited non-binding proposal from Axia Real Assets LP to acquire the REIT.

The special committee of the board of trustees of the REIT formed to consider the Axia proposal has received inbound interest across a range of potential transactions from other parties following the announcement of the Axia proposal.

The special committee is conducting a formal review of strategic alternatives with the assistance of its financial adviser, TD Securities. In addition to the continued review of the Axia proposal, the review may include: (i) potential alternative transactions, including offers for all or part of the REIT and potential merger transactions; and (ii) the status quo, which could include asset sales or purchases, in line with the REIT's strategy.

At the time that the special committee decides to solicit proposals from third parties, all qualified parties (including Axia if so qualified) will have an opportunity to participate in such process.

The special committee has not set a timetable for the conclusion of the strategic review. No decision related to strategic alternatives or whether Plaza should proceed with any transaction has been made, nor has any agreement been reached with any interested counterparty. There can be no assurance that the special committee's review of strategic alternatives will result in any transaction.

Plaza unitholders do not need to take any action at this time. Neither the REIT nor the special committee intends to make any further public comment regarding the Axia proposal or the review of strategic alternatives unless and until it determines that additional disclosure is in the best interests of unitholders or required by law.

Plaza owns and operates an attractive portfolio of primarily necessity-based and performing retail assets that is well suited to the current retail investment market. The special committee, with assistance of its financial and legal advisers, will continue evaluating strategic alternatives in the context of Plaza's business plan with the objective of maximizing value for unitholders.

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, 2026, includes interests in 189 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.