Mr. George Armoyan reports

SLATE OFFICE REIT ANNOUNCES ACCELERATION OF MANAGEMENT INTERNALIZATION AND NAME CHANGE TO RAVELIN PROPERTIES REIT

Slate Office REIT has entered into an amendment to its management agreement with Slate Management ULC, the real estate investment trust's external manager, to, among other things, accelerate the termination the management agreement and internalize the REIT's management effective Dec. 31, 2024.

As a key step of the internalization, the REIT will change its name to Ravelin Properties REIT.

"The board is eager to enter a new chapter for the REIT, which begins with an internalized management team. We believe that the internalization will significantly reduce costs for the REIT by eliminating the fees payable under the management agreement and better align the interests of management with the REIT's unitholders to drive long-term value," commented George Armoyan, chair of the board of trustees.

Key terms of amendment

Pursuant to the amendment, the previously announced termination date of the management agreement has been accelerated from March 30, 2025, to Dec. 31, 2024. As part of the acceleration, the REIT will make a $2-million termination payment to the manager, which represents the approximate net present value of the amounts owing to the manager if the management agreement terminated on March 30, 2025.

The amendment also provides for certain other ancillary matters relating to the internalization, including allowing employment offers to be made by the REIT to certain employees of the manager, and terminating the manager's trustee nomination rights.

New leadership

As part of the internalization, Shant Poladian will be appointed as chief executive officer of the REIT, effective on or about Jan. 1, 2025. Mr. Poladian was appointed to the board of trustees on Nov. 18, 2024, and will continue to serve as a trustee.

"Since joining the board, Shant has been actively involved in guiding the REIT through the management internalization process. This has allowed us to reduce the original 180-day internalization timeline from March 30, 2025, to Dec. 31, 2024. While there is important work ahead of us, we are confident that Shant is well suited to lead the internal team going forward, and execute on the REIT's new strategic direction," commented Mr. Armoyan.

Name change and ticker symbol changes

The name change of the REIT is expected to become effective Dec. 31, 2024. In connection with the name change, the REIT will also change its ticker symbols on the Toronto Stock Exchange for its units from SOT.UN to RPR.UN and for its 9 per cent debentures, 5.5 per cent debentures and 7.5 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 per cent debentures, 5.5 per cent debentures and 7.5 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 name and trading symbols. No action will be 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.

In order to reflect the internalization and name change, the REIT will enter into an amended and restated declaration of trust effective Dec. 31, 2024, a copy of which will be filed under the REIT's profile on SEDAR+.

About Slate Office 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.