BENEFICIAL OWNERSHIP DISCLOSURE BY UNITHOLDER OF PLAZACORP WILLOWGROVE RESIDENTIAL REAL ESTATE DEVELOPMENT TRUST

/NOT FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Dec. 31, 2024 /CNW/ - Lionel Dubrofsky announced today that in connection with the initial public offering by secondary offering (the "Offering") of Plazacorp Willowgrove Residential Real Estate Development Trust (the "REDT") on December 31, 2024, he acquired, through ADMINISTRATION F.L.T. LTEE, beneficial ownership of 500,000 series F trust units ("Class F Units") of the REDT at a price of $10.00 per Class F Unit for an aggregate purchase price of $5,000,000. The REDT's head office is located at 10 Wanless Avenue, Suite 201, Toronto, Ontario M4N 1V6.

Upon completion of the Offering, the Class F Units beneficially owned by Mr. Dubrofsky represented approximately 17.5% of all issued and outstanding Class F Units.

Mr. Dubrofsky's indirect ownership of, or control or direction over, Class F Units is for investment purposes and is intended to further align the interests of Mr. Dubrofsky with those of the REDT's other unitholders. Mr. Dubrofsky, through ADMINISTRATION F.L.T. LTEE or otherwise, may acquire additional trust units of the REDT ("Units") or may dispose of any or all of the beneficially held Units from time to time through, among other things, the purchase or sale of Units in private transactions or otherwise, on such terms and at such times as Mr. Dubrofsky may deem advisable depending upon an ongoing evaluation of the Units, the REDT, prevailing market conditions, the availability of Units at prices that would make the purchase or sale of Units desirable, other investment opportunities, liquidity requirements of Mr. Dubrofsky and/or other considerations.

ADMINISTRATION F.L.T. LTEE is a corporation existing under the federal laws of Canada, the principal business of which is to make investments with its registered office at 4281 Boulevard De Maisonneuve Ouest, Westmount, Québec, H3Z 1K7.

For further information and to obtain a copy of the early warning report to be filed by the foregoing holder of Units under applicable Canadian securities laws, please see the REDT's profile on SEDAR+ at www.sedarplus.com.

SOURCE ADMINISTRATION F.L.T. LTEE