Mr. Shant Poladian reports

RAVELIN PROPERTIES REIT EXPANDS LEADERSHIP TEAM

Ravelin Properties REIT has expanded its leadership team to include the following key additions:

• Robert Hibberd has been appointed as chief financial officer.
• Rachna Morgado will be appointed as chief operating officer.
• Sarah Jane O'Shea has been appointed as managing director.
• Jeremy Kaupp has been appointed as managing director.
• Emmanuel Muyal has been appointed as senior vice-president, finance.
• Gopikannan Pillai has been appointed as senior vice-president, legal.
• Dan Sheremeto has been appointed as senior vice-president, real estate and corporate finance.

The new members of management will work alongside Shant Poladian, who was appointed as chief executive officer of the REIT (real estate investment trust) effective Jan. 1, 2025. As previously announced, Ravelin accelerated the termination of its previous external management agreement and internalized the REIT's management effective Dec. 31, 2024.

"Our team is now in place and operating across our global platform, including fully functioning accounting, finance, corporate and real estate operations. We are well positioned to move forward with the REIT's strategic goals as we navigate the challenges and opportunities ahead of us," commented Mr. Poladian, chief executive officer and trustee.

"Ravelin is entering a new and exciting chapter for the REIT, which kicks off with a fully internalized leadership team. The team is energized, experienced and fully aligned. This is a key step which I have been personally looking forward to seeing for some time now. On behalf of the board of trustees, I would like to welcome all the new members of the REIT's team who are joining Shant at this important point in Ravelin's journey," commented George Armoyan, chair of the board of trustees.

Name change and ticker symbol changes

As part of the internalization, the REIT changed its name to Ravelin Properties REIT. As previously announced, the name change of the REIT became effective Dec. 31, 2024. In connection with the name change, the REIT changed its ticker symbols on the Toronto Stock Exchange for its units from SOT.UN to RPR.UN and for its 9.00 per cent debentures, 5.50 per cent debentures and 7.50 per cent debentures from SOT.DB, SOT.DB.A and SOT.DB.B to RPR.DB, RPR.DB.A and RPR.DB.B, respectively.

The new Cusip number for the REIT's units is 75419Y102 and the new Cusip numbers for its 9.00 per cent debentures, 5.50 per cent debentures and 7.50 per cent debentures are 75419YAA0, 75419YAB8 and 75419YAC6, respectively. The transfer agent of the REIT continues to be TSX Trust Company. There is no change in the capitalization of the REIT in connection with the change of its name and trading symbol. No action is required by existing unitholders with respect to the name change and trading symbol change. Unitholders holding unit certificates of the REIT can request a replacement certificate; however, new certificates are not required and will not be automatically issued.

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 comprises government and high-quality credit tenants.

We seek Safe Harbor.