Mr. Peter Slan reports

SMARTCENTRES REAL ESTATE INVESTMENT TRUST FURTHER EXTENDS ARRANGEMENTS WITH PENGUIN GROUP

The board of trustees of SmartCentres Real Estate Investment Trust today provided a further update regarding certain existing arrangements referred to in the REIT's news release dated Feb. 27, 2026.

The parties have agreed to further extend the existing agreements to April 16, 2026, for the reasons previously set out and allow additional time for the agreements to be finalized. The REIT anticipates the good faith negotiations to result in mutually acceptable arrangements.

The independent committee of the board, composed entirely of independent trustees, is overseeing the discussions on behalf of the REIT with Penguin and Mr. Goldhar.

About SmartCentres Real Estate Investment Trust

SmartCentres is one of Canada's largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 198 strategically located properties in communities across the country. SmartCentres has approximately $12.1-billion in assets consisting of income-producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.6 million square feet of leasable space, with 98.6-per-cent in-place and committed occupancy, on 3,500 acres of owned land across Canada.

We seek Safe Harbor.