An anonymous trustee reports

RAVELIN PROPERTIES REIT ANNOUNCES EXPECTED DEFAULT ON UPCOMING MATURITY OF 9.00% DEBENTURES

Ravelin Properties REIT does not expect to make principal or interest payments on the upcoming maturity date of its 9.00 per cent convertible unsecured subordinated debentures.

The maturity date of the 9 per cent debentures is Feb. 28, 2026. In connection with the upcoming maturity date, the 9 per cent debentures, which currently trade on the Toronto Stock Exchange under RPR.DB, will be halted at the market open and delisted at the close of trading on the business day following the maturity date, being March 2, 2026.

The REIT has been in default of its obligations to pay interest on the 9 per cent debentures since March 1, 2024. The repayment price due on maturity is $1,180 per $1,000 principal amount of 9 per cent debentures, representing aggregate principal amount of $28.75-million, and $5,175,000 for accrued and unpaid interest thereon to, but excluding, the maturity date.

The REIT continues to explore available alternatives to address its financial difficulties, including the current defaults on its existing indebtedness, including with respect to the 9 per cent debentures, and its continuing capital requirements. As of the date hereof, no agreement has been reached with any of the REIT's stakeholders with respect to any such potential alternatives, and there can be no assurance that the REIT will be successful in negotiating any such potential alternatives or in accessing the financing needed for the REIT to continue as a going concern.

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.