As previously announced, Chartwell's current President and Chief Executive Officer Brent Binions will retire effective March 15, 2020. Vlad Volodarski, the current Chief Financial Officer ("CFO") and Chief Investment Officer ("CIO"), will succeed Mr. Binions as the Chief Executive Officer ("CEO"). Mr. Binions will continue to serve on Chartwell's Board of Trustees after his retirement.

Chartwell Retirement Residences announced the appointments of key Senior Executives to be effective March 16, 2020. Karen Sullivan, Chartwell's current Chief Operating Officer ("COO") will be appointed President and COO. Ms. Sullivan joined Chartwell in 2008 as the Senior Vice President People after a distinguished 21-year career with the Ontario Long Term Care Association, including six years as its Executive Director.

In 2010 she assumed the responsibility for Chartwell's Ontario Long Term Care business and in 2012 was appointed COO. In her capacity as President and COO, Ms. Sullivan will continue to be responsible for all aspects of operations, including oversight of Chartwell's operating platforms, customer experience, sales, property management and supply chain management departments and will report to the CEO. Sheri Harris, Chartwell's current Chief Administrative Officer ("CAO"), will be appointed CFO.

Ms. Harris joined Chartwell in 2007 as Senior Vice President Finance and was promoted to CAO in 2013 with responsibility for strategic planning and analysis, property finance, information technology, online presence and business project management office. She has 19 years of industry experience, including seven years in senior finance roles with Retirement Residences REIT and is a CPA, CA. In her capacity as CFO, Ms. Harris will be responsible for all aspects of Chartwell's finance, strategic planning and analysis and information technology and will report to the CEO.

Jonathan Boulakia, in addition to his current role of Chief Legal Officer ("CLO"), will be appointed CIO. Mr. Boulakia joined Chartwell as its General Counsel in 2008 and was promoted to CLO in 2014. Over the years, he has played a key role in a number of transformative transactions, including the $900 million acquisition of the Maestro portfolio in partnership with Welltower Inc. in 2012, and the sale of Chartwell's U.S. portfolio in 2015 for $1 billion.

Currently, Mr. Boulakia is responsible for the $80 million development of Chartwell HUB. Mr. Boulakia will continue to lead Chartwell's legal team and will assume oversight of Chartwell's Real Estate Group, including development, real estate finance and acquisitions and will report to the CEO.