Mr. K. Rai Sahi reports

MORGUARD CORPORATION ANNOUNCES VOTING RESULTS FROM THE 2025 ANNUAL MEETING OF SHAREHOLDERS

Morguard Corp. has released the results of matters voted on at its annual shareholders meeting held on May 7, 2025, which included the election of directors of the corporation, all of the nominees listed in its management information circular dated March 14, 2025. The voting results for each of the matters presented at the meeting are presented below.

The total number of common shares represented by shareholders present in person or by proxy at the meeting was 9,578,593, representing 89.35 per cent of the corporation's outstanding common shares.

1. Election of directors

The nine nominees proposed by management were elected as directors of the corporation to hold office until the termination of the next annual meeting of shareholders or until their successors are duly elected or appointed, subject to the provisions of the corporation's bylaws. Proxies were received on this matter as follows.

2. Appointment of auditor

The firm of Ernst & Young LLP, chartered accountants, was appointed as auditor of the corporation to hold office until the close of the next annual meeting of the shareholders or until a successor is duly appointed, and to authorize the directors to fix the remuneration of the auditor. Proxies were received on this matter as follows.

Votes for        %     Votes withheld      %   

9,315,491    97.26            262,597   2.74

About Morguard Corp.

Morguard is a major North American real estate and property management company. It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $18.7-billion.