Ms. Alexandra Cohen reports

REITMANS (CANADA) LIMITED PROVIDES CORPORATE UPDATE

Reitmans (Canada) Ltd. has provided an update on the review completed by the special committee of independent directors of the board of directors of the company.

Highlights:

• The special committee was formed on Oct. 31, 2025, to consider a potential uplisting of Reitmans (Canada) on the Toronto Stock Exchange.
• The special committee retained outside legal counsel and engaged Origin Merchant Partners as financial adviser.
• As part of the TSX's uplisting requirements, the company would be required to modify its capital structure and obtain both common and Class A shareholder approval, including specifically the approval from the Reitman family group as the controlling shareholder.
• After a thorough review of the benefits of an uplisting, members of Origin and the special committee met twice with the family to discuss at length a proposal to uplist on the TSX.
• The Reitman family group advised that, while it fully supports the company's strategic direction, it would not pursue an uplisting at this time. However, the Reitman family group indicated its willingness to reconsider the matter at a future date as the company's performance improves.

The members of the special committee have unanimously determined, with the support of the chairman of the board and the president and chief executive officer of Reitmans (Canada), that an uplisting on the TSX and modification to Reitmans (Canada)'s capital structure were in the best interests of the company, but also determined not to proceed with a vote on the matter at the next annual meeting of shareholders of the company as any such vote would not be supported by the Reitman family group.

The board remains focused on acting in the best interests of the company and all stakeholders. The board will continue to pursue this matter as corporate conditions evolve.

Reitmans (Canada) has a strong business, a clear strategy and significant opportunities to continue creating long-term value.