RICHARDS PACKAGING INCOME FUND ANNOUNCES FILING OF MEETING MATERIALS AND RECEIPT OF INTERIM ORDER WITH RESPECT TO ITS CONVERSION TO A CORPORATION

TORONTO, Nov. 5, 2025 /CNW/ - Richards Packaging Income Fund (TSX: RPI.UN) (the "Fund" or "Richards Packaging") announced today the filing of its notice of meeting, management information circular, form of proxy, letter of transmittal, and notice of notice-and-access (collectively, the "Meeting Materials") with respect to the special meeting (the "Meeting") of the unitholders of the Fund ("Unitholders") called to consider and vote upon: (i) the proposed conversion of the Fund from an unincorporated, open-ended, limited purpose trust to a corporation, pursuant to a statutory plan of arrangement involving Richards Group Inc. ("RGI") under the Business Corporations Act (Ontario) (the "Plan") and the Trustee Act (Ontario); and (ii) the adoption of a security-based compensation plan by RGI.

The Fund has elected to use the notice-and-access provisions under National Instrument 54-101 – Communication with Beneficial Owners of Securities of a Reporting Issuer and National Instrument 51-102 – Continuous Disclosure Obligations, for the distribution of the Meeting Materials to registered and beneficial Unitholders. Electronic copies of the Meeting Materials may be accessed on the Fund's website at https://richardspackaging.com/pages/ir-special-meeting and on the Fund's SEDAR+ profile at www.sedarplus.ca. Printed copies of the Meeting Materials are available by contacting TSX Trust Company by phone at 1-888-433-6443 or 416-682-3801, or via email at [email protected]. In order to receive a paper copy in time to vote before the Meeting, your request should be received by November 25, 2025.

The Meeting will be held at 10:00 a.m. (Toronto time) on Thursday, December 11, 2025, at the offices of the Fund, 6155 Belgrave Rd., Unit 3, Mississauga, Ontario, L5R 4E6, and pursuant to an Interim Order of the Ontario Superior Court of Justice received on October 23, 2025. Subject to the receipt of applicable approvals, including but not limited to, court approval, approval of the Unitholders, and approval of the Toronto Stock Exchange, the Plan is expected to be effective on or around December 19, 2025.

About Richards Packaging Income Fund

The Fund owns Richards Packaging Inc., which since 1912 has served a wide customer base of over 18,000 healthcare, cosmetic, food & beverage, and other enterprises. Richards has over a century of rich history as a packaging distributor, and over the last decade has evolved a medical device and supplies operation that now drives the majority of the business.

Caution Concerning Forward-Looking Statements

This release contains certain forward-looking information and statements within the meaning of applicable securities laws (collectively, "Statements"), including statements related to the Plan, the location, date, and time of the Meeting, the receipt of the required approvals, and the expected effective date of the Plan. The Statements are frequently identified by the use of such words as "will", "may", "could", "expect", "plan", "anticipate", "believe" and other similar terminology. These Statements reflect management's current beliefs and are based on information currently available to the management of Richards Packaging. A number of factors could cause actual events or results to differ materially from those predicted, expressed or implied in the Statements. Factors that could cause such differences include, among other things, general economic conditions, interest rates, changes in customer and supplier relationships, competition in the industry, inventory obsolescence, trade risks in respect to foreign suppliers and fluctuations in foreign exchange and interest rates. Although the Statements contained in this release are based upon what management believes to be reasonable assumptions, there can be no assurance that actual results will be consistent with these Statements. These Statements are made as of the date of this release and the Fund assumes no obligation to update or revise them to reflect new events or circumstances.

SOURCE Richards Packaging Inc.

FOR MORE INFORMATION CONTACT: John Glynn, Chief Executive Officer, Richards Packaging Inc., [phone], [email protected]; Enzio Di Gennaro, Chief Financial Officer, Richards Packaging Inc., [phone], [email protected]