Mr. Vlad Volodarski reports

CHARTWELL RETIREMENT RESIDENCES ANNOUNCES JULY 2023 DISTRIBUTION AND PROVIDES OCCUPANCY UPDATE

Chartwell Retirement Residences Real Estate Investment Trust has declared a cash distribution of 5.1 cents per trust unit. The cash distribution will be payable on August 15, 2023 to unitholders of record on July 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% of their monthly cash distributions. 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 at https://investors.chartwell.com or from a unitholder's investment advisor.

The chart included summarizes Chartwell's same property monthly weighted average occupancy rates for the months ended December 31, 2021, through to June 30, 2023 and provides forecasts for same property weighted average occupancy for the months ending July 31, 2023 and August 31, 2023.

To date in 2023, our same property permanent move-in activity has exceeded the same periods in 2022 and the three-year pre-pandemic average by 10% and 8%, respectively. We expect to achieve continued occupancy recovery in 2023 and beyond, driven by the successful execution of our operating, marketing and sales strategies, and supported by strong demand resulting from accelerating demographic growth, shortages of long term care beds, and fewer senior housing construction starts.

We seek Safe Harbor.