Plazacorp issues six months notice to cancel Management Agreement

    FREDERICTON, Sept. 12 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX
Venture) announced today that it has provided six months notice to Plaza
Atlantic Limited that it would not be renewing the existing Management
Agreement effective March 29, 2009. Over the next six months, the Independent
Directors of Plazacorp Retail Properties Ltd will review various alternatives
for the management of Plazacorp's properties in Atlantic Canada, Quebec and
Ontario which are in the best interests of the Corporation.

    Plaza Atlantic Limited is a property management company that develops and
manages commercial retail properties in Atlantic Canada, Quebec and Ontario
and is majority owned by Michael Zakuta, President and CEO of Plazacorp and
Earl Brewer, Chairman of Plazacorp.

    Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp, as at
September 12, 2008, owns interests in 91 properties comprising 4.2 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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