An anonymous trustee reports

RAVELIN PROPERTIES REIT UNITHOLDERS AND DEBENTUREHOLDERS APPROVE PLAN OF ARRANGEMENT WITH CLARKE INC.

The holders of units of Ravelin Properties REIT and the holders of the real estate investment trust's outstanding 9.00 per cent convertible unsecured subordinated debentures, 5.50 per cent convertible unsecured subordinated debentures and 7.50 per cent convertible unsecured subordinated debentures have approved the proposed plan of arrangement with Clarke Inc. at the special meeting of REIT unitholders and at the special meeting of REIT debentureholders, held earlier today.

At the REIT unitholder meeting, a special resolution approving the arrangement was approved by 68.69 per cent of the votes cast by REIT unitholders present in person or represented by proxy at the REIT unitholder meeting. At the REIT debentureholder meeting, a special resolution approving the arrangement was approved by holders of 98.20 per cent of the aggregate principal amount of REIT debentures present in person or represented by proxy at the REIT debentureholder meeting.

The resolutions approving the arrangement required the approval of at least: (i) two-thirds (66-2/3rds per cent) of the votes cast by the REIT unitholders present in person or represented by proxy at the REIT unitholder meeting; and (ii) two-thirds (66-2/3rds per cent) of the aggregate principal amount of REIT debentures present in person or represented by proxy at the REIT debentureholder meeting, respectively.

Additional details of the voting results will be included in a report of voting results filed on SEDAR+ under the REIT's issuer profile.

The arrangement is expected to become effective on or about May 29, 2026, subject to, among other things, the REIT obtaining a final order from the Ontario Superior Court of Justice (commercial list) approving the arrangement, approval of the Toronto Stock Exchange, and the satisfaction or waiver of certain other customary closing conditions. The final order hearing is scheduled to take place on May 27, 2026.

About Ravelin Properties REIT

The REIT owns and operates a portfolio of well-located commercial real estate assets in North America and Europe. The majority of the REIT's portfolio is composed of government and high-quality credit tenants.

We seek Safe Harbor.