VANCOUVER, BC, Jan. 8, 2026 – Sandpiper Group (“Sandpiper“), together with its joint actors, has boosted its stake in Artis Real Estate Investment Trust (“Artis“) (TSX: AX.UN) to 21.47%.

Owing to the acquisitions of Artis units (“Units“), Sandpiper, along with its joint actors, now holds and has control over a total of 20,606,359 Units, which accounts for roughly 21.47% of the 95,966,473 issued and outstanding Units (as stated in Artis’ Monthly Cash Distribution Announcement dated December 15, 2025). From November 16, 2022, to January 8, 2026 (excluding blackout periods), Sandpiper, together with its joint actors, bought a total of 1,920,600 Units on the open market via the Toronto Stock Exchange, making up approximately 2% of the current issued and outstanding Units (collectively called the “Acquisitions“). The total cost to acquire the Units covered in the accompanying Early Warning Report filed by Sandpiper is $14.68 million, with 1,920,600 Units purchased at an average price of $7.64 per Unit.

The acquired Units were bought under the normal course purchase exemption outlined in Section 4.1 of National Instrument 62-104 – Take-Over Bids and Issuer Bids (“NI 62-104”). This is based on the fact that these Units don’t make up more than 5% of the outstanding Units. The total number of Units acquired using this exemption along with any joint actors in the past 12 months, when combined with acquisitions made by Sandpiper and its joint actors in the same 12-month period, doesn’t go beyond 5% of the Units outstanding at the start of the 12-month period. Also, the cost to buy the acquired Units wasn’t more than the market price on the acquisition date, as per section 1.11 of NI 62-104, plus reasonable brokerage fees or commissions actually paid.

Prior to the Acquisitions, Sandpiper, along with its joint actors, held and had control over 18,685,759 Units, which was about 16.14% of the issued and outstanding Units (as stated in Artis’ Management’s Discussion and Analysis dated November 3, 2022).

The Units were acquired for investment purposes.

“As a major long-term unitholder of Artis, we still believe in the strong underlying value of Artis. More importantly, we think the proposed merger with RFA Capital is very appealing. This combination will, among other things, turn a diversified REIT into a growth-oriented financial services platform. We believe this has much more potential, including the ability to get substantial returns on the capital invested in each of RFA’s key operating areas. The chance to be part of the expansion and scaling of a Schedule 1 bank in Canada is unique and rare. We’re confident and optimistic about the value creation opportunity that’s coming and what the merger means for all the owners of the resulting company, RFA Financial,” stated Samir Manji, Chief Executive Officer of Sandpiper.

Subject to the Voting Support Agreements, Sandpiper and its affiliates may, at times, based on market and other conditions, increase or reduce their beneficial ownership, control, or direction over Artis’ securities through market transactions, private agreements, or other means.

Artis’ head office is situated at Suite 600 – 220 Portage Avenue, Winnipeg, Manitoba, R3C 0A5. Sandpiper’s head office is at 1000 – 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3.

Sandpiper will file an early warning report in line with relevant securities laws. For more information and to get 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 concentrating on private acquisition opportunities and strategic equity investments. For more details about Sandpiper, visit .

SOURCE Sandpiper Asset Management Inc.