Company Announcements

VANCOUVER, BC , Jan. 8, 2026 /CNW/ - Sandpiper Group ("Sandpiper"), together with its joint actors, has increased its position in Artis Real Estate Investment Trust ("Artis") (TSX: AX.UN) to 21.47%.

As a result of the purchases of units of Artis ("Units"), Sandpiper, together with its joint actors, owns and exercises control and direction over an aggregate of 20,606,359 Units, representing approximately 21.47% of the 95,966,473 issued and outstanding Units (as reported in Artis' Monthly Cash Distribution Announcement, dated December 15, 2025). Between November 16, 2022, and January 8, 2026 (excluding blackout periods), Sandpiper, together with its joint actors, acquired an aggregate of 1,920,600 Units in the open market under the facilities of the Toronto Stock Exchange, representing approximately 2% of the current issued and outstanding Units (collectively, the "Acquisitions"). The aggregate consideration paid to acquire the Units that are the subject of the accompanying Early Warning Report filed by Sandpiper is $14.68 million, being 1,920,600 Units at an average price of $7.64 per Unit.

The acquired Units were purchased in reliance on the normal course purchase exemption set out in Section 4.1 of National Instrument 62-104 - Take-Over Bids and Issuer Bids ("NI 62-104") on the basis that such Units do not represent more than 5% of the outstanding Units, the aggregate number of Units acquired in reliance on this exemption with any joint actors within the last 12 months, when aggregated with acquisitions otherwise made by Sandpiper and its joint actors within the same 12-month period, does not exceed 5% of the Units outstanding at the beginning of the 12-month period, and the consideration paid for the acquired Units was not in excess of the market price at the date of acquisition, as determined in accordance with section 1.11 of NI 62-104, plus reasonable brokerage fees or commissions actually paid.

Prior to the Acquisitions, Sandpiper, together with its joint actors, owned and exercised control and direction over 18,685,759 Units, representing approximately 16.14% of the issued and outstanding Units (as reported in Artis' Management's Discussion and Analysis, dated November 3, 2022).

The Units were acquired for investment purposes.

"As a significant long term unitholder of Artis, we continue to believe in the strong, underlying value of Artis. More importantly, we believe the proposed merger with RFA Capital is extremely compelling. This combination will, amongst other things, transition a diversified REIT to a growth oriented, financial services platform that we believe has far greater potential including the ability to achieve substantial returns on capital invested in each of RFA's key operating verticals. The opportunity to participate in the expansion and scaling of a Schedule 1 bank in Canada is unique and rare. We are confident and optimistic about the value creation opportunity that lies ahead and what the merger represents for all of the owners of the resulting issuer, RFA Financial," said Samir Manji, Chief Executive Officer of Sandpiper.

Subject to the Voting Support Agreements, Sandpiper and its affiliates may, from time to time, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over the securities of Artis through market transactions, private agreements, or otherwise.

Artis' head office is located at Suite 600 – 220 Portage Avenue, Winnipeg, Manitoba, R3C 0A5.

Sandpiper's head office is located at 1000 – 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3.

An early warning report will be filed by Sandpiper in accordance with applicable securities laws. For further information and to obtain a copy of the early warning report filed by Sandpiper, please contact Vinay Panchal, Director – Capital Markets and Investor Relations, Sandpiper Group at (604) 558-4885.

About Sandpiper:

Sandpiper Group is a family office and private equity firm focused on private acquisition opportunities and strategic equity investments. For more information about Sandpiper, visit www.sandpipergroup.ca.

SOURCE Sandpiper Asset Management Inc.