/C O R R E C T I O N -- 16204716 Canada Inc./

In the news release, Invitation to Join Ravelin Properties REIT Debentureholders' Ad Hoc Group, issued 31-Mar-2026 by 16204716 Canada Inc. over CNW, we are advised by the company that changes have been made. The complete, corrected release follows, with additional details at the end:

Invitation to Join Ravelin Properties REIT Debentureholders' Ad Hoc Group

MONTREAL, March 31, 2026 /CNW/ - 16204716 Canada Inc. is writing as a fellow holder of Ravelin Properties REIT (TSX: RPR.UN) convertible unsecured subordinated debentures.

As fellow debentureholders are likely aware, on March 27, 2026, Clarke Inc. announced an arrangement agreement to acquire all of the REIT's outstanding trust units and all series of its debentures via a court-approved plan of arrangement. Under the proposed transaction, debentureholders would receive approximately 14.562 Clarke common shares per $1,000 principal amount held, plus a pro-rata share of an additional 150,000 Clarke shares for those providing early consent. The REIT board and Special Committee have recommended the deal, citing the REIT's ongoing financial difficulties, defaults, and leverage issues. The alternative path if the arrangement does not proceed involves a CCAA restructuring.

Many debentureholders believe the current terms may not adequately reflect the value of their claims or provide the best possible recovery in light of the REIT's assets and the overall transaction structure. Debentureholders vote separately on the arrangement (by aggregate principal amount across all series), requiring at least two-thirds approval of those voting.

To better protect collective interests, 16204716 Canada Inc. proposes the formation of an ad hoc debentureholder group (or "steering committee").

The goals of such a group include:

• Coordinating to review the upcoming information circular and other disclosure materials once filed on SEDAR+
• Engaging experienced restructuring counsel and advisors on a shared-cost or court-reimbursable basis
• Evaluating the proposed arrangement, potential improvements to terms (e.g., additional consideration, enhanced protections, or better alternatives), and any fallback CCAA process
• Seeking appropriate reimbursement of reasonable professional fees from the REIT or through court orders, as is common in these proceedings
• Ensuring minority holders have a voice in negotiations and court processes.

Participation would be voluntary and non-binding at the outset. Reasonable legal and advisory fees for the group are often negotiated with the company or ordered by the court in CCAA or arrangement proceedings, reducing or eliminating out-of-pocket costs for participants.

To express interest in joining the ad hoc group, please contact Heidi Schimek (primary administrative contact for 16204716 Canada Inc.) at [email protected] with the following information (kept strictly confidential among group members and counsel):

• Ravelin debentures (series and principal amount)
• Your contact details
• Any initial questions or concerns about the transaction

Responses will be kept strictly confidential and contact information will only be shared with other interested holders and retained counsel once a core group forms. No commitment is required at this stage; interest is currently being assessed, and next steps will be determined accordingly.

Time is of the essence. The information circular is expected shortly, followed by securityholder meetings and court approval processes targeted for a Q2 2026 closing.

Coordinated action by debentureholders has proven effective in similar Canadian restructurings to improve outcomes.

Best regards,

Heidi Schimek
Primary Administrative Contact
16204716 Canada Inc.
Montreal, Quebec, Canada
Ravelin Properties REIT Debentureholder 
[email protected]

Correction: The title for Heidi Schimek has changed to "primary administrative contact," and the email address has changed to "[email protected]"

SOURCE 16204716 Canada Inc.