Plazacorp announces annual dividend increase for 2009

Nov 17, 2008

    FREDERICTON, Nov. 17 /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 17.5 cents to 18.5 cents per common
share for 2009.
    This represents the sixth consecutive annual increase in the Plazacorp
dividend. The average rate of increase of Plazacorp's dividend over the last 5
years has been 17% per annum and will be 15% per annum for 6 years following
this latest increase. 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 stable high quality retail properties.
    This new policy will be effective for the regularly scheduled dividend
payment dates for 2009 that are expected to be February 16th, May 15th, August
17th and November 16th in the amount of 4.625 cents per common share at each
payment date, subject to board approval at that time.
    Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp, as at
November 17, 2008 owns interests in 92 properties comprising 4.3 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.
    %SEDAR: 00012014E

For further information:

For further information: on Plazacorp, visit our website at; Or contact: Earl Brewer, Chairman, (506) 451-1826; Kim Sharpe,
Director of Business Development, (506) 451-1826