Mr. Jason Parravano reports

PLAZA RETAIL REIT ANNOUNCES TRUSTEE RESIGNATIONS

Doug McGregor and Jane Marshall have advised Plaza Retail REIT they will not stand for re-election at the upcoming annual meeting of unitholders on May 27, 2026, and have resigned from the board of trustees. Their decisions align with the trust's continuing focus on board renewal, and the continued evolution of its governance, strategic priorities and long-term unitholder objectives.

The board thanks both individuals for their years of service and contributions to the trust during their respective terms.

The trust will be filing an amended management information circular in connection with the annual meeting. The amended circular will replace the version originally filed on April 24, 2026, and will be accessible on Plaza's website and under the trust's profile on SEDAR+.

The trust confirms that the meeting date and record date for determining unitholders entitled to vote at the annual meeting remain unchanged. Unitholders who have not yet voted are encouraged to vote. Any unitholders who previously submitted proxies do not need to take any further action as those proxies remain valid for use at the annual meeting.

The board remains committed to maintaining strong governance and disciplined oversight to support sustainable unitholder value creation, with continued focus on operational performance, strategic execution and alignment with unitholder interests.

About Plaza Retail REIT

Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada. Plaza's portfolio at March 31, 2026, includes interests in 190 properties totalling approximately 8.8 million square feet across Canada and additional lands held for development. Plaza's portfolio largely consists of open-air centres and stand-alone small box retail outlets, and is predominantly occupied by national tenants with a focus on the essential needs, value and convenience market segments.

We seek Safe Harbor.