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Reitmans (Canada) Limited Announces the Granting of Options to Management

Oct 5, 2023

MONTREAL, Oct. 5, 2023 /CNW/ - Reitmans (Canada) Limited ("Reitmans" or the "Company") (TSXV: RET) (TSXV: RET.A) today announces that it has granted an aggregate of 359,869 options to purchase Class A non-voting shares of the Company (the "Options") to members of its management team pursuant to its second amended and restated share option plan dated April 19, 2021.

The grant of Options was made as follows: an aggregate of 32,000 Options were granted on August 3, 2023 with an exercise price of $3.04 and which Options will expire on May 26, 2025; and 327,869 Options were granted on September 5, 2023 with an exercise price of $3.05 and which Options will expire on October 5, 2027. All Options are subject exclusively to time-based vesting terms. The grant of the Options is made pursuant to the Company's Long-Term Incentive Plan which is designed to incentivize members of management in the achievement of long-term financial targets.

About Reitmans (Canada) Limited

The Company is a leading women's specialty apparel retailer with retail outlets throughout Canada. As at October 5, 2023 the Company operated 402 stores consisting of 232 Reitmans, 90 Penningtons and 80 RW&CO.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Reitmans (Canada) Limited

For further information: Randi Haimovitz, Vice-President Human Resources, rhaimovitz@reitmans.com, 514-384-1140.