G2S2 CAPITAL INC. ANNOUNCES INVESTMENT IN MORGUARD REAL ESTATE INVESTMENT TRUST

HALIFAX, NS, Aug. 15, 2023 /CNW/ - G2S2 Capital Inc. ("G2S2") announces that its wholly owned subsidiary has acquired ownership of, and control over, 50,000 trust units ("Units") of Morguard Real Estate Investment Trust ("Morguard REIT").

Specifically, on August 15, 2023, G2S2's wholly owned subsidiary, Armco Alberta Inc., acquired 50,000 Units through the facilities of the Toronto Stock Exchange at a price of $5.51 per Unit (the "Acquisition"), representing approximately 0.07% of the outstanding Units.

Prior to the Acquisition, G2S2, together with its joint actors, had ownership of, and control over, 5,842,500 Units and $4,920,000 principal amount of 5.25% convertible unsecured subordinated debentures ("Convertible Debentures"), which, if converted, would entitle G2S2 and its joint actors to an additional 630,769 Units, representing in aggregate a securityholding percentage of 9.98% of the Units (determined on a partially diluted basis assuming the conversion of only the principal amount of Convertible Debentures held by G2S2 and its joint actors).

Immediately after the Acquisition, G2S2, together with its joint actors, had ownership of, and control over, 5,892,500 Units and $4,920,000 principal amount of Convertible Debentures, which, if converted, would entitle G2S2 and its joint actors to an additional 630,769 Units, representing in aggregate a securityholding percentage of 10.05% of the Units (determined on a partially diluted basis assuming the conversion of only the principal amount of Convertible Debentures held by G2S2 and its joint actors).

G2S2, and its joint actors, Armco Alberta Inc. and Simé Armoyan, own the Units and Convertible Debentures for investment purposes. They may, from time to time, depending on market and other conditions, increase or decrease their beneficial ownership, control or direction over securities of the REIT in the normal course of their investment activities through market transactions, private agreements, or otherwise.

In accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, G2S2 will file an early warning report regarding these transactions on the System for Electronic Document Analysis and Review (SEDAR) at www.sedar.com under Morguard REIT's issuer profile. Morguard REIT's head office is located at 55 City Centre Drive, Suite 1000, Mississauga, Ontario L5B 1M3.

About G2S2

G2S2 Capital Inc. is a privately held investment holding company focused on creating value across a variety of businesses with a long term horizon. G2S2 is incorporated under the laws of Canada. G2S2 is controlled
by George & Simé Armoyan.

SOURCE G2S2 Capital Inc.

For further information or to obtain a copy of the early warning report, please contact George Armoyan, Executive Chairman of G2S2 at 416-855-1922.