Mr. John Glynn reports

RICHARDS PACKAGING INCOME FUND ANNOUNCES UNITHOLDER APPROVAL OF CONVERSION TO A CORPORATION AND SECURITY-BASED COMPENSATION PLAN

At Richards Packaging Income Fund's special meeting of unitholders held earlier today, the unitholders approved the previously announced: (i) proposed conversion of the fund from an unincorporated, open-ended, limited-purpose trust to a corporation, pursuant to a statutory plan of arrangement involving the fund and Richards Group Inc. (RGI) under the Business Corporations Act (Ontario) and the Trustee Act (Ontario); and (ii) adoption of a security-based compensation plan by RGI.

The detailed results of the votes held at the special meeting of unitholders regarding the arrangement and the RGI incentive plan are set out in the attached table. These results reflect voting of 82.3 per cent of all trust units outstanding, either by proxy or in person.

Completion of the arrangement remains subject to the satisfaction of certain conditions precedent, including, without limitation, receipt of a final order of the Ontario Superior Court of Justice. Subject to the satisfaction or waiver of all applicable conditions precedent to the arrangement, the arrangement is expected to be effective on or about Dec. 19, 2025.

Pursuant to the arrangement, the unitholders will receive one common share in the capital of RGI for each trust unit held. Shortly following the effective date, the common shares of RGI are expected to commence trading on the Toronto Stock Exchange under the symbol RIC, subject to the satisfaction of certain customary conditions of the TSX.

Full details of the arrangement are provided in the fund's management information circular dated Oct. 27, 2025. Electronic copies of the circular, the other meeting materials and the RGI incentive plan may be accessed on the fund's website and on the fund's SEDAR+ profile.

About Richards Packaging Income Fund

The fund owns Richards Packaging Inc., which, since 1912, has served a wide customer base of over 24,000 health care, cosmetic, food and beverage, and other enterprises. Richards has over a century of rich history as a packaging distributor, and over the last decade has evolved a medical device and supplies operation that now drives the majority of the business.

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