Plazacorp announces 16.6% increase of annual dividend for 2008

    FREDERICTON, NB, Nov. 21 /CNW/ - Plazacorp Retail Properties Ltd.
(PLZ:TSX Venture) announced today that its Board of Directors have approved an
increase of their annual dividend payment from 15 cents to 17.5 cents per
common share for 2008.
    This new policy will be effective for the regularly scheduled dividend
payment dates for 2008 that are expected to be February 15th, May 15th, August
15th and November 17th in the amount of 4.375 cents per common share at each
payment date, subject to board approval at that time.
    The 16.6% increase in the annual dividend represents the fifth
consecutive annual increase in the Plazacorp dividend. This track record of
dividend increases is a strong confirmation of Plazacorp's value-added
capabilities and its ability to continue to build a portfolio of high quality
properties. Plazacorp is very pleased to have the opportunity to pass its
success to its shareholders.
    Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp owns
interests in 86 properties comprising 4.1 million square feet of retail real
estate.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.
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