Ms. Randi Haimovitz reports

REITMANS (CANADA) LIMITED ANNOUNCES THE GRANTING OF OPTIONS TO MANAGEMENT

Reitmans (Canada) Ltd. has granted an aggregate of 359,869 options to purchase Class A non-voting shares of the company to members of its management team pursuant to its second amended and restated share option plan dated April 19, 2021.

The grant of options was made as follows: an aggregate of 32,000 options were granted on Aug. 3, 2023, with an exercise price of $3.04 and which options will expire on May 26, 2025; and 327,869 options were granted on Sept. 5, 2023, with an exercise price of $3.05 and which options will expire on Oct. 5, 2027. All options are subject exclusively to time-based vesting terms. The grant of the options is made pursuant to the company's long-term incentive plan, which is designed to incentivize members of management in the achievement of long-term financial targets.

About Reitmans (Canada) Ltd.

The company is a leading women's specialty apparel retailer with retail outlets throughout Canada. As at Oct. 5, 2023, the company operated 402 stores, consisting of 232 Reitmans stores, 90 Penningtons stores and 80 RW&CO stores.