RICHARDS PACKAGING INCOME FUND AND RICHARDS GROUP INC. ANNOUNCE THE COMPLETION OF THE CONVERSION OF RICHARDS PACKAGING INCOME FUND TO A CORPORATION

Executive Summary

• Completed the conversion of Richards Packaging Income Fund (TSX: RPI.UN) from an unincorporated trust to a corporation (Richards Group Inc.).
• Each unit holder received one common share; the new corporation now holds 11,418,014 common shares and 100% of the former fund’s units.
• The common shares are expected to begin trading on the Toronto Stock Exchange under “RIC” around December 23, 2025, with the trust units to be delisted and the fund wound up by year‑end.

Key Details

• Conversion Mechanics: One common share issued for each trust unit; the corporation now directly or indirectly owns the fund and all its subsidiaries.
• Share Count Post‑Conversion: 11,418,014 common shares outstanding; 11,418,013 units (100% of former units) now owned by the corporation.
• Listing Changes: Units to be delisted; common shares to commence TSX trading under ticker “RIC” on or about Dec 23, 2025, subject to exchange approval.
• Wind‑Up Timeline: Fund expected to cease reporting and be wound up no later than Dec 31, 2025.
• Officer/Director Alignment: Officers and trustees of the former fund become officers and directors of the corporation.
• Significant Shareholder – Janet Glynn: Acquired 2,213,756 common shares (~19.4% of total) as part of the arrangement; previously held no shares or control.
• Early Warning Filings: Both the corporation and Janet Glynn will file early‑warning reports under NI 62‑104/62‑103; copies to be available on SEDAR+.
• Corporate Addresses: Head office – 6155 Belgrave Rd., Unit 3, Mississauga, ON L5R 4E6 (both fund and corporation).

Notable Quotes

(No direct quotes were provided in the release.)