Mr. Rags Davloor reports

PRIMARIS REIT RENEWS NORMAL COURSE ISSUER BID

Primaris Real Estate Investment Trust has received acceptance from the Toronto Stock Exchange of its notice of intention to renew its normal course issuer bid (NCIB). Under the NCIB, Primaris will have the ability to purchase for cancellation up to a maximum of 6,929,436 of its Series A units on the open market, representing 10 per cent of the public float (calculated in accordance with TSX rules) as of Feb. 26, 2024. As of Feb. 26, 2024, the number of issued and outstanding units was 96,444,736.

The NCIB will commence on March 11, 2024, the day after the trust's current NCIB expires, and remain in effect until the earlier of March 10, 2025, and the date on which Primaris has purchased the maximum number of units permitted under the NCIB. Purchases of units under the NCIB will be made in accordance with TSX rules and policies through the facilities of the TSX and through Canadian alternative trading systems. The price paid for any repurchased units will be the market price of such units at the time of acquisition. The average daily trading volume of the units from the start of trading on Sept. 1, 2023, through Feb. 29, 2024, was 139,688 units and, accordingly, daily purchases will be limited to 34,922 units other than purchases made in accordance with the TSX's block purchase exception.

Primaris continues to believe that, from time to time, the market price of the units may not fully reflect the intrinsic value of the units and that, in such circumstances, using the NCIB to return capital to its unitholders who choose to participate is a desirable use of Primaris's finances and may benefit those unitholders who continue to hold units by increasing their equity interest in Primaris. To Primaris's knowledge, after reasonable inquiry, none of the trustees, officers or other insiders of Primaris or any associate of any such persons, or any associate or affiliate of Primaris currently, intends to sell units to Primaris during the course of the issuer bid.

Primaris has also entered into a new automatic securities purchase plan (ASPP) in connection with the NCIB renewal, with an effective date of March 11, 2024. Under the terms of the ASPP, the trust's broker will be permitted to purchase units in accordance with certain prearranged trading parametres, during periods when Primaris would not ordinarily be active in the market because of internal trading blackout periods, insider trading rules or otherwise.

Under the trust's current NCIB that commenced on March 9, 2023, and expires on March 8, 2024, Primaris sought and received approval from the TSX to purchase for cancellation up to 7,020,105 units and had purchased, through the facilities of the TSX and through any alternative trading system in Canada permitted by the TSX, 3,630,700 units at a weighted average price of $13.40 per unit, as of Feb. 29, 2024.

About Primaris Real Estate Investment Trust

Primaris is Canada's only enclosed shopping-centre-focused REIT, with ownership interests primarily in dominant enclosed shopping centres in growing markets.

We seek Safe Harbor.