Mr. Anish Chopra reports

RAVELIN PROPERTIES REIT ANNOUNCES CONTINUED STRONG SUPPORT FOR PLAN OF ARRANGEMENT WITH CLARKE INC. AND ENCOURAGES SECURITYHOLDERS TO VOTE AHEAD OF PROXY CUT OFF

Ravelin Properties REIT believes that securityholder support remains high for the previously announced plan of arrangement with Clarke Inc., with 99.4 per cent of the votes cast by holders of the REIT'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 to date in favour of a special resolution of REIT debentureholders approving the arrangement and 84.5 per cent of the votes cast by holders of units of the REIT to date in favour of a special resolution of REIT unitholders approving the arrangement.

The REIT encourages REIT debentureholders and REIT unitholders to vote "for" the arrangement ahead of the proxy voting deadline of May 21, 2026, at 5 p.m. Toronto time.

If the arrangement is not completed on the terms and timeline currently contemplated, to avoid an enforcement action by its senior secured lenders, the REIT will need to pursue alternative restructuring strategies, including potentially under the Companies' Creditors Arrangement Act (CCAA). If a CCAA process is pursued, it is unlikely that there will be any recovery for the REIT unitholders or the REIT debentureholders. As such, the REIT's board of trustees believes the arrangement provides the best available outcome for the REIT unitholders and REIT debentureholders in the current circumstances.

As previously announced, the REIT board, having received a unanimous recommendation from a special committee of independent trustees, has unanimously determined (subject to recusals) that the arrangement is fair and reasonable and in the best interests of the REIT. The REIT board unanimously recommends (subject to recusals) that REIT unitholders and REIT debentureholders vote "for" the unitholder arrangement resolution and the debentureholder arrangement resolution, respectively.

The REIT special committee is composed of Anish Chopra, Brian Luborsky and Calvin Younger. The REIT has previously provided background on the members of its REIT special committee in its management information circular dated April 24, 2026.

In addition to the recommendations in favour of the arrangement resolutions from the REIT board and the REIT special committee, the REIT has also received recommendations in favour of the arrangement resolutions from independent proxy advisers Glass, Lewis & Co. and Institutional Shareholder Services Inc., as previously announced.

REIT unitholders and REIT debentureholders that require assistance with voting should immediately contact the REIT's proxy solicitation and information agent, Sodali & Co: (i) by telephone at 1-833-830-9806 (North American toll-free) or 1-289-695-3075 (collect); or (ii) by e-mail at assistance@investor.sodali.com.

REIT unitholders and REIT debentureholders will vote on the arrangement resolutions at the special meetings of REIT unitholders and REIT debentureholders to be held on May 25, 2026. In addition to obtaining the approval of REIT unitholders and REIT debentureholders at the REIT meetings and the final order of the court, completion of the arrangement remains subject to approval of the Toronto Stock Exchange and the satisfaction of other customary closing conditions.

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.