Mr. Vlad Volodarski reports

CHARTWELL RETIREMENT RESIDENCES ANNOUNCES MAY 2023 DISTRIBUTION

Chartwell Retirement Residences Real Estate Investment Trust will pay a cash distribution of 5.1 cents per trust unit. The cash distribution will be payable on June 15, 2023, to unitholders of record on May 31, 2023.

Unitholders can participate in Chartwell's distribution reinvestment plan (DRIP). Eligible investors registered in the DRIP will have their monthly cash distributions used to purchase trust units and will also receive bonus units equal to 3 per cent of their monthly cash distributions. The DRIP offers unitholders the opportunity to steadily increase their ownership in Chartwell without incurring any commission or brokerage fees. Complete details of the DRIP are available on Chartwell's website or from a unitholder's investment adviser.

About Chartwell Retirement Residences Real Estate Investment Trust

Chartwell is in the business of serving and caring for Canada's seniors. Chartwell is committed to its vision of making people's lives better and to providing a happier, healthier and more fulfilling life experience for its residents. Chartwell is an unincorporated, open-ended real estate trust that indirectly owns and operates a complete range of senior housing residences, from independent supportive living through assisted living to long-term care. It is the largest operator in the Canadian senior living sector with nearly 200 properties in four provinces, including properties under development.