Mr. Weston reports

GEORGE WESTON LIMITED REPORTS FOURTH QUARTER AND FISCAL YEAR 2023 RESULTS

George Weston Ltd. has released its consolidated unaudited results for the 12 weeks ended Dec. 31, 2023.

GWL's 2023 Annual Report includes the company's audited annual consolidated financial statements and Management's Discussion and Analysis ("MD&A") for the fiscal year ended December 31, 2023. The 2023 Annual Report has been filed on SEDAR+ and is available at www.sedarplus.ca and in the Investor Centre section of the company's website at www.weston.ca.

"George Weston Limited's operating companies delivered strong and consistent operating and financial results in the fourth quarter of 2023," said Galen G. Weston, Chairman and Chief Executive Officer, George Weston Limited. "Our market leading businesses continue to serve their customers and tenants well, positioning our group of companies for continued value creation."

Loblaw Companies Limited ("Loblaw") delivered another quarter of strong operational and financial results as it maintained its focus on retail excellence. Loblaw's value proposition, private label brands, and personalized PC Optimum(TM) offers continued to resonate with customers seeking quality and value. This resulted in traffic growth and continued market share momentum in food retail. Loblaw recorded an internal food inflation lower than Canada's food CPI again this quarter, demonstrating the impact of its continuing investments in value. Additionally, Loblaw opened 8 more Maxi and No Frills discount stores in the fourth quarter. Drug retail sales reflected continued strength in front store beauty products, and strong sales of cough and cold medications. Canadians reacted very positively to the convenience and level of care offered across Loblaw's 74 new pharmacy-based clinics, resulting in strong growth of new pharmacist led healthcare services. Operational excellence across Loblaw's businesses supported sales growth, provided sequential shrink improvements, and continued Loblaw's focused cost discipline, to drive earnings growth. Loblaw's strategy, unique assets, and dedicated colleagues position it well to best serve the needs of Canadians today and in the future.

Choice Properties Real Estate Investment Trust ("Choice Properties") delivered strong financial and operational performance for the quarter, reflecting the strength and resilience of its grocery-anchored and necessity-based retail portfolio and demand for its well-located industrial assets. In 2023, Choice Properties continued to execute on its strategic priorities, further improving the quality of its portfolio by completing over $600 million of real estate transactions and by delivering over $425 million of development projects, adding 1.8 million square feet of new commercial retail and industrial space and a new purpose-built residential rental building to its portfolio. Supported by stable and growing cash flows and a solid financial position, Choice Properties announced another annual distribution increase for unitholders.

The company operates through its two reportable operating segments: Loblaw and Choice Properties, each of which are publicly traded entities. As such, the company's financial statements reflect and are impacted by the consolidation of Loblaw and Choice Properties. The consolidation of these entities into the company's financial statements reflect the impact of eliminations, intersegment adjustments and other consolidation adjustments, which can positively or negatively impact the company's consolidated results. Additionally, cash and short-term investments and other investments held by the company, and all other company level activities that are not allocated to the reportable operating segments, such as net interest expense, corporate activities and administrative costs are included in GWL Corporate. To help our investors and stakeholders understand the company's financial statements and the effect of consolidation, the company reports its results in a manner that differentiates between the Loblaw segment, the Choice Properties segment, the effect of consolidation of Loblaw and Choice Properties, and lastly, GWL Corporate.

The company's results reflect the year-over-year impact of the fair value adjustment of the Trust Unit liability as a result of the significant changes in Choice Properties' unit price, recorded in net interest expense and other financing charges. The company's results are impacted by market price fluctuations of Choice Properties' Trust Units on the basis that the Trust Units held by unitholders, other than the company, are redeemable for cash at the option of the holder and are presented as a liability on the company's consolidated balance sheet. The company's financial results are positively impacted when the Trust Unit price declines and negatively impacted when the Trust Unit price increases.

2023 FOURTH QUARTER HIGHLIGHTS Revenue was $14,700 million, an increase of $558 million, or 3.9%. Adjusted EBITDA was $1,694 million, an increase of $104 million, or 6.5%. Adjusted EBITDA from the publicly traded operating companies(i) was $1,705 million, an increase of $123 million, or 7.8%. Net loss available to common shareholders of the company from continuing operations was $38 million ($0.30 per common share), an improvement of $76 million ($0.53 per common share), or 66.7%. Adjusted net earnings available to common shareholders of the company from continuing operations were $342 million, a decrease of $27 million, or 7.3%, due to the unfavourable year-over-year impact of the fair value adjustment on other investments and an increase in income tax expense. Adjusted diluted net earnings per common share from continuing operations were $2.51, a decrease of $0.08 per common share, or 3.1%. Contribution to adjusted net earnings available to common shareholders of the company from continuing operations from the publicly traded operating companies(i) was $378 million, an increase of $18 million, or 5.0%. Repurchased for cancellation 1.1 million common shares at a cost of $165 million. GWL Corporate free cash flow was $413 million, an increase of $212 million, or 105.5%.

2023 ANNUAL HIGHLIGHTS

Revenue was $60,124 million, an increase of $3,076 million, or 5.4%.

Adjusted EBITDA was $6,953 million, an increase of $402 million, or 6.1%.

Adjusted EBITDA from the publicly traded operating companies(i) was $7,000 million, an increase of $433 million, or 6.6%.

Net earnings available to common shareholders of the company from continuing operations were $1,496 million ($10.75 per common share), a decrease of $282 million ($1.45 per common share), or 15.9%.

Adjusted net earnings available to common shareholders of the company from continuing operations were $1,467 million, an increase of $35 million, or 2.4%.

Adjusted diluted net earnings per common share from continuing operations were $10.54, an increase of $0.73 per common share, or 7.4%.

Contribution to adjusted net earnings available to common shareholders of the company from continuing operations from the publicly traded operating companies(i) was $1,614 million, an increase of $88 million, or 5.8%.

Repurchased for cancellation 6.3 million common shares at a cost of $1,001 million.

Dividends paid to common shareholders of the company were $381 million, an increase of $14 million, or 3.8%.

GWL Corporate free cash flow was $1,283 million, an increase of $390 million, or 43.7%.

(i) Publicly traded operating companies is the contribution to the company's financial performance from its controlling interest in Loblaw and Choice Properties after the effect of consolidation, each of which are publicly traded entities. Effect of consolidation includes eliminations, intersegment adjustments and other consolidation adjustments. See "Reportable Operating Segments" section of this News Release for further information.

CONSOLIDATED RESULTS OF OPERATIONS

Unless otherwise indicated, all financial information reflects the company's results from continuing operations.

Net loss available to common shareholders of the company from continuing operations was $38 million ($0.30 per common share) in the fourth quarter of 2023, compared to net loss available to common shareholders of the company from continuing operations of $114 million ($0.83 per common share) in the same period of 2022, an improvement of $76 million ($0.53 per common share).

The adjusting items in the fourth quarter of 2023 had a favourable year-over-year net impact on net loss available to common shareholders of the company from continuing operations totaling $103 million ($0.61 per common share), primarily due to:

the favourable year-over-year impact of the fair value adjustment of the Trust Unit liability of $280 million ($1.86 per common share) as a result of the increase in Choice Properties' unit price; and

the favourable year-over-year impact of the fair value adjustment on Choice Properties' investment in real estate securities of Allied Properties Real Estate Investment Trust ("Allied") of $43 million ($0.32 per common share) as a result of the increase in Allied's unit price;

partially offset by, the unfavourable year-over-year impact of the fair value adjustment on investment properties of $218 million ($1.55 per common share) driven by Choice Properties, net of the effect of consolidation.

Adjusted net earnings available to common shareholders of the company from continuing operations in the fourth quarter of 2023 were $342 million, a decrease of $27 million, or 7.3%, compared to the same period in 2022. The decrease was driven by:

the unfavourable year-over-year impact of $45 million at GWL Corporate primarily due to the unfavourable year-over-year impact of the fair value adjustment on other investments and an increase in income tax expense as a result of GWL's participation in Loblaw's Normal Course Issuer Bid ("NCIB") program and lapping certain recoveries realized for prior taxation periods;

partially offset by, the favourable year-over-year impact of $18 million from the contribution of the publicly traded operating companies.

Adjusted diluted net earnings per common share from continuing operations were $2.51 per common share in the fourth quarter of 2023, a decrease of $0.08 per common share, or 3.1%, compared to the same period in 2022. The decrease was due to the performance in adjusted net earnings available to common shareholders from continuing operations as described above, partially offset by the favourable impact of shares purchased for cancellation over the last 12 months ($0.11 per common share) pursuant to the company's NCIB.

CONSOLIDATED OTHER BUSINESS MATTERS

The company completed the following GWL Corporate financing activities:

NCIB - Purchased and Cancelled Shares In the fourth quarter of 2023, the company purchased and cancelled 1.1 million shares (2022 - 1.7 million shares) for aggregate consideration of $165 million (2022 - $270 million) under its NCIB. As at December 31, 2023, the company had 134.4 million shares issued and outstanding, net of shares held in trusts (December 31, 2022 - 140.6 million shares).

In the fourth quarter of 2023, the company entered into an automatic share purchase plan ("ASPP") with a broker in order to facilitate the repurchase of the company's common shares under its NCIB. During the effective period of the ASPP, the company's broker may purchase common shares at times when the company would not be active in the market.

Participation in Loblaw's NCIB The company participates in Loblaw's NCIB in order to maintain its proportionate percentage ownership interest. In the fourth quarter of 2023, GWL received proceeds of $238 million (2022 - $49 million) from the sale of Loblaw common shares.

OUTLOOK

For 2024, the company expects adjusted net earnings to increase due to the results from its operating segments, and to use excess cash to repurchase shares.

Loblaw Loblaw will execute on retail excellence while advancing its growth initiatives with the goal of continuing to deliver consistent operational and financial results in 2024. Loblaw's businesses remain well positioned to meet the everyday needs of Canadians.

For the full-year 2024, Loblaw expects:

its retail business to grow earnings faster than sales;

adjusted net earnings per common share growth in the high single-digits;

to continue investing in its store network and distribution centres by investing a net amount of $1.8 billion in capital expenditures, which reflects gross capital investments of approximately $2.2 billion, net of approximately $400 million of proceeds from property disposals; and

to return capital to shareholders by allocating a significant portion of free cash flow to share repurchases.

Choice Properties Choice Properties is focused on capital preservation, delivering stable and growing cash flows and net asset value appreciation, all with a long-term focus. Its high-quality portfolio is primarily leased to necessity-based tenants and logistics providers, who are less sensitive to economic volatility and therefore provide stability to its overall portfolio. Choice Properties continues to experience positive leasing momentum across its portfolio and is well positioned to complete its 2024 lease renewals. Choice Properties also continues to advance its development program, with a focus on commercial developments in the near term, which provides the best opportunity to add high-quality real estate to its portfolio at a reasonable cost and drive net asset value appreciation over time.

Choice Properties is confident that its business model, stable tenant base, strong balance sheet and disciplined approach to financial management will continue to position the business well for future success. In 2024, Choice Properties will continue to focus on its core business of essential retail and industrial, its growing residential platform and its robust development pipeline, and is targeting:

stable occupancy across the portfolio, resulting in 2.5% - 3.0% year-over-year growth in Same-Asset NOI, cash basis(3);

annual FFO per unit diluted(3) in a range of $1.02 to $1.03, reflecting 2.0% - 3.0% year-over-year growth; and

strong leverage metrics, targeting Adjusted Debt to EBITDAFV(3) slightly below 7.5x.

DECLARATION OF QUARTERLY DIVIDENDS

Subsequent to the end of the fourth quarter of 2023, the company's Board of Directors declared a quarterly dividend on GWL Common Shares, Preferred Shares, Series I, Preferred Shares, Series III, Preferred Shares, Series IV and Preferred Shares, Series V payable as follows:

Common Shares $0.713 per share payable April 1, 2024, to shareholders of record March 15, 2024;

Preferred Shares, Series I $0.3625 per share payable March 15, 2024, to shareholders of record February 29, 2024;

Preferred Shares, Series III $0.3250 per share payable April 1, 2024, to shareholders of record March 15, 2024;

Preferred Shares, Series IV $0.3250 per share payable April 1, 2024, to shareholders of record March 15, 2024;

Preferred Shares, Series V $0.296875 per share payable April 1, 2024, to shareholders of record March 15, 2024.

SELECTED FINANCIAL INFORMATION

The following includes selected quarterly financial information which is prepared by management in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards" or "GAAP") and is based on the company's audited annual consolidated financial statements for the year ended December 31, 2023. This financial information does not contain all disclosures required by IFRS Accounting Standards, and accordingly, this financial information should be read in conjunction with the company's 2023 Annual Report available in the Investor Centre section of the company's website at www.weston.ca.

2023 FOURTH QUARTER REPORT

The company's annual audited consolidated financial statements and MD&A for the year ended December 31, 2023 are available in the Investor Centre section of the company's website at www.weston.ca and have been filed on SEDAR+ and are available at www.sedarplus.ca.

MODERN SLAVERY ACT REPORT

In compliance with the Fighting Against Forced Labour and Child Labour in Supply Chains Act (referred to as Canada's "Modern Slavery Act"), the company and certain of its subsidiaries, including Loblaw have publicly filed its initial joint Modern Slavery Act Report for the 2023 fiscal year. The Modern Slavery Act Report can be viewed online on the company's website at www.weston.ca, or under the company's SEDAR+ profile at www.sedarplus.ca. All shareholders may request that paper copies of the Modern Slavery Act Report be mailed to them at no cost by submitting an email request to investor@weston.ca.

We seek Safe Harbor.