Mr. Randi Haimovitz reports

REITMANS (CANADA) LIMITED ANNOUNCES CEO AND EXECUTIVE CHAIR APPOINTMENTS

Andrea Limbardi has been named president and chief executive officer of Reitmans (Canada) Ltd., effective Sept. 5, 2023. Stephen Reitman, current president and chief executive officer, will assume the position of executive chairman of the board, while Daniel Rabinowicz will take on the position of vice-chair and lead independent director.

Ms. Limbardi brings a wealth of retail and leadership expertise to this role. She has over 20 years of experience in operations, customer service, merchandising, marketing and e-commerce, and is a thoughtful and visionary leader. Her strategic approach to innovation, digital-first mindset and deep understanding of consumer behaviour will enable her to effectively lead Reitmans at a pivotal moment in its growth.

On the appointment of Ms. Limbardi, Mr. Reitman said: "I'm thrilled to have Andrea joining RCL as the company's first non-family member CEO. For 97 years, a member of the Reitman family has been at the helm of RCL and it is with great pride and confidence that we turn the reins over to a skilled and brilliant executive. I know that Andrea's extensive experience in retail, coupled with her strategic business acumen and strong leadership abilities, will bring her and the company much success."

Ms. Limbardi said: "I am honoured and excited to be joining RCL. I am thankful to Stephen and the entire board for their confidence and I look forward to their partnership to continue to grow this iconic Canadian retailer. I am also excited to work with and meet the incredible teams at RCL's three banners: Reitmans, Penningtons, and RW&CO."

About Reitmans (Canada) Ltd.

The company is a leading women's specialty apparel retailer with retail outlets throughout Canada.