RICHARDS PACKAGING INCOME FUND ANNOUNCES UNITHOLDER APPROVAL OF CONVERSION TO A CORPORATION AND SECURITY-BASED COMPENSATION PLAN

Executive Summary

• Unitholders approved the conversion of Richards Packaging Income Fund from a trust to a corporation (Richards Group Inc.) with 99.55 % voting in favor.
• The unitholders also approved adoption of the RGI Incentive Plan, a security‑based compensation plan, with 94.59 % support.
• Upon completion, each trust unit will be exchanged for one common share of Richards Group Inc., which is expected to begin trading on the TSX under “RIC” around December 19 2025, subject to court and exchange approvals.

Key Details

• Vote Results – Arrangement: 9,290,406 votes For (99.55 %); 42,131 votes Against (0.45 %).
• Vote Results – RGI Incentive Plan: 8,826,747 votes For (94.59 %); 505,120 votes Against (5.41 %).
• Effective Date: Anticipated on or about December 19 2025, pending final Ontario Superior Court order and satisfaction of all conditions precedent.
• Share Exchange Ratio: One common share of Richards Group Inc. will be issued for each trust unit held by unitholders.
• TSX Listing: Common shares expected to commence trading on the Toronto Stock Exchange under ticker “RIC” after meeting customary TSX listing requirements.
• Conditions Precedent: Includes receipt of final court order, waiver or satisfaction of all other required conditions, and compliance with TSX listing standards.
• Reference Materials: Full details are in the Fund’s Management Information Circular dated October 27 2025; available on the company website and SEDAR+.

Notable Quotes

(No direct quotes were provided in the release.)