Plazacorp announces 16.6% increase of annual dividend for 2008

This new policy will be effective for the regularly scheduled dividendpayment dates for 2008 that are expected to be February 15th, May 15th, August15th and November 17th in the amount of 4.375 cents per common share at eachpayment date, subject to board approval at that time.

The 16.6% increase in the annual dividend represents the fifthconsecutive annual increase in the Plazacorp dividend. This track record ofdividend increases is a strong confirmation of Plazacorp's value-addedcapabilities and its ability to continue to build a portfolio of high qualityproperties. Plazacorp is very pleased to have the opportunity to pass itssuccess to its shareholders.

Plazacorp Retail Properties Ltd. is an owner of shopping malls and stripplazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp ownsinterests in 86 properties comprising 4.1 million square feet of retail realestate.

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

For further information

on Plazacorp, visit our website at or contact: Earl Brewer, Chairman or Kim Sharpe, Director of BusinessDevelopment, (506) 451-1826