An anonymous director of Halcyon reports

HALCYON INTERNATIONAL LIMITED ANNOUNCES ACQUISITION OF SHARES OF RFA FINANCIAL INC.

Halcyon International Ltd. has issued this news release pursuant to National Instrument 62-104, Take-Over Bids and Issuer Bids, and National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, in respect of its holdings in RFA Financial Inc.

Further to the joint news release of Artis Real Estate Investment Trust and RFA dated Feb. 2, 2026, Halcyon, together with its joint actors, announces that it has acquired an aggregate of approximately 11,392,549 common shares and approximately 100,000 preferred shares, Series I, of RFA, on a postconsolidation basis, in connection with the completion of the arrangement transaction of RFA and Artis. Pursuant to the transaction, Artis and RFA combined their respective businesses and RFA acquired all of the common units, Series E preferred units and Series I preferred units of Artis.

Immediately prior to the transaction, Halcyon, together with its joint actors, beneficially owned and controlled 19,744,717 common units of Artis, representing 20.78 per cent of the issued and outstanding common units, and 100,000 preferred units, Series I, representing 2.35 per cent of the issued and outstanding preferred units, Series I, of Artis. Immediately following closing of the transaction, Halcyon, together with its joint actors, ceased to have beneficial ownership and control of any common units or preferred units of Artis.

Immediately prior to the transaction, Halcyon, together with its joint actors, owned approximately 70 million common shares of RFA. Immediately following the closing of the transaction (which included a 1:3 share consolidation), Halcyon, together with its joint actors, beneficially owns approximately 11,392,549 common shares of RFA, representing 24.44 per cent of the current common shares issued and outstanding, and 100,000 preferred shares, Series I, of RFA, representing 2.35 per cent of the current preferred shares, Series I, issued and outstanding. The number of common shares and preferred shares, Series I, acquired by Halcyon, together with its joint actors, pursuant to the transaction reported herein is an estimate and is subject to change, as the number of common shares and preferred shares, Series I, issuable under the transaction is subject to fractional share rounding.

The common shares and preferred shares, Series I, acquired by Halcyon are held for investment purposes. Halcyon and its affiliates and joint actors may, from time to time, depending on market and other conditions, increase or decrease their beneficial ownership, control or direction over securities of RFA through market transactions, private agreements or otherwise.

RFA's head office is located at Suite 300, 145 King St. West, Toronto, Ont., M5H 1J8.

Halcyon's head office is located at 4050 Appleby Line, Burlington, Ont., L7M 0Y7, Canada.

An early warning report will be filed by Halcyon in accordance with applicable securities laws. For further information and to obtain a copy of the early warning report filed by Halcyon, please contact Halcyon's office at 905-336-6993.