News Release2020-03-19 17:45 ET - News Release An anonymous debentureholder reports AD HOC COMMITTEE OF SENIOR UNSECURED DEBENTUREHOLDERS OF SHERRITT INTERNATIONAL CORPORATION INTEND TO VOTE AGAINST ARRANGEMENT The ad hoc committee of senior unsecured debentureholders of Sherritt International Corp., which holds in aggregate over $215-million of the 8 per cent senior unsecured debentures of the company due Nov. 15, 2021, the 7.5 per cent senior unsecured debentures of the company due Sept. 24, 2023, and the 7.875 per cent senior unsecured notes of the company due Oct. 11, 2025, intends to vote against the company's arrangement sought pursuant to Section 192 of the Canada Business Corporations Act as set forth in the company's proposed plan of arrangement. The amount of existing notes held by members of the ad hoc committee represent approximately 37 per cent of all existing notes, which is well in excess of the amount required to prevent approval of any arrangement which treats the existing notes as a single class. While each holder of the existing notes should make its own decision, the ad hoc committee felt it prudent to provide its view on the arrangement in advance of the March 27, 2020, early consent deadline. The ad hoc committee believes that the proposed arrangement unfairly burdens holders of the existing notes with the consequences of the company's decision to delever its balance sheet to the benefit of the company's current shareholders. The ad hoc committee believes that if holders of the existing notes desire to attempt to negotiate a financially superior outcome to the company's proposed arrangement, they should advise the company that they do not support the proposed arrangement and will not vote in favour of the proposed arrangement prior to the early consent deadline or otherwise. Any holder of the existing notes seeking additional information in respect of the ad hoc committee and/or the ad hoc committee's views with respect to the arrangement is encouraged to contact Kevin Zych (zychk@bennettjones.com) or Sean Zweig (zweigs@bennettjones.com) of Bennett Jones LLP, counsel to the ad hoc committee.