Ms. Caroline Goulian reports

RCL ANNOUNCES BOARD LEADERSHIP TRANSITION

Reitmans (Canada) Ltd. has discussed a planned transition in its board leadership.

After having served as executive chairman since September, 2023, Stephen Reitman will retire from the role effective March 6, 2026, and will continue to serve on the Reitmans' board of directors as chairman emeritus and board director.

The board has appointed independent director, Samuel Minzberg, to serve as chairman of the board, effective March 7, 2026.

Mr. Reitman joined Reitmans more than 50 years ago and has played a pivotal role in the organization's growth and long-term success. As executive chairman, he worked closely with management and the board to support Reitmans through its period of strategic renewal and leadership transition with Andrea Limbardi's appointment to president and chief executive officer in September, 2023.

"It has been a privilege to serve Reitmans for more than five decades and, most recently, as executive chairman," said Mr. Reitman. "I am deeply proud of the organization we have built, and I am most confident in Andrea and the leadership team in place today, as they execute the RCL transformational strategy. I look forward to continuing to support RCL as chairman emeritus and board director. Mr. Minzberg has served on the RCL board for several years and has extensive governance experience, as well as a deep understanding of the organization's mission and future priorities. He brings exceptional judgment, integrity and perspective to the role of chairman, and I have great confidence in his ability to lead the board."

"On behalf of the entire board, I want to thank Stephen for his extraordinary commitment and leadership over more than 50 years," said Mr. Minzberg. "Stephen's stewardship has shaped RCL in enduring ways, and we are grateful that he will continue to share his wisdom as chairman emeritus. I am honoured to follow him as chair and to work with the board and management to build on the strong foundation in place."

"Stephen's impact on RCL has been immeasurable, and I am grateful for his guidance and partnership," said Andrea Limbardi. "I look forward to continuing to work closely with Sam in his new role as chair, and with our board, as we execute on RCL's strategy, and lead the organization into its next chapter."

This transition reflects Reitmans's longstanding commitment to thoughtful succession planning, strong governance and leadership continuity.

About Reitmans (Canada) Ltd.

Reitmans (Canada) is one of Canada's leading specialty apparel retailers for women and men, with retail outlets throughout the country. The company operates 388 stores under three distinct banners consisting of 218 Reitmans, 85 PENN. and 85 RW&CO.

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