Rezoning Approval Paves Way for Master Planned Community Including the Creation of 4000 Residential Units

Toronto, Ontario--(Newsfile Corp. - January 29, 2024) - Leon's Furniture Limited (TSX: LNF) ("LFL" or the "Company"), today announced that it is one step closer to developing a master-planned community on 40 acres of owned land. The plan for the mixed-use development, conveniently located at Highways 401 and 400, will include residential, commercial and retail elements. LFL recently received approval from the Province of Ontario to change the original Employment Use zoning to Regeneration zoning. The 40 acres is bordered by Highway 401 to the north, Highway 400 to the west/southwest and Jane Street to the east (the "Parcel"). The Parcel is municipally addressed as 45 and 88‐100 Gordon Mackay Road, and 11 and 35 Suntract Road.

The next step in the development will be to complete a secondary plan with the City of Toronto which the Company expects to complete during mid 2025. Phase One of the development will be focused on the building of a new flagship retail store and corporate headquarters on the site. LFL's home office has been located on this parcel since the Company went public on the TSX in 1969. Subsequent phases will focus on plans for 4000 homes which will include townhouses, mid and high rise buildings and community spaces. LFL will be partnering with top-tier developers to co-lead the project. The Company has a successful track record building retail showrooms and large scale distribution centres across Canada as it continues to move toward a centralized distribution model.

"Rezoning this large parcel of land creates an unprecedented and historic opportunity, for the City of Toronto and the Company," said Michael Walsh, President and CEO of LFL. "By establishing more density as part of a multi-year, multi-phase development, we will be helping to meet the overwhelming demand for additional housing within the city, while generating substantial value for LFL shareholders. We would like to acknowledge the City of Toronto and the Province of Ontario for their help and support of LFL's plans. LFL has been working closely with Councillor Frances Nunziata's office, as well as the City of Toronto and looks forward to commencing public consultation."

An approximate outline of the 40 acre parcel at the intersection of Highway 401 and Highway 400 owned by LFL , which both the City of Toronto and the Province of Ontario have approved for rezoning

About Leon's Furniture Limited

Leon's Furniture Limited is the largest retailer of furniture, appliances and electronics in Canada. Our retail banners include: Leon's; The Brick; Brick Outlet; and The Brick Mattress Store. Finally, with The Brick's Midnorthern Appliance banner alongside with Leon's Appliance Canada banner, this makes the Company the country's largest commercial retailer of appliances to builders, developers, hotels and property management companies. The Company has 303 retail stores from coast to coast in Canada under various banners. The Company operates six websites: leons.ca, thebrick.com, furniture.ca, midnorthern.com, transglobalservice.com and appliancecanada.com.

Media Contact:

Audrey Hyams Romoff
OverCat
ahr@overcat.com
Tel: 647.223.9970

Investor Contact:

Jonathan Ross
LodeRock Advisors, LFL Investor Relations
jon.ross@loderockadvisors.com
Tel: (416) 283-0178

LFL Contact:

Constantine Pefanis
Chief Financial Officer
Leon's Furniture Limited
Tel: (416) 243-4074
lflgroup.ca

SOURCE Leon's Furniture Limited

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