RE:RE:Massive write downs coming As at the date of this Annual Information Form, G2S2 (through its wholly-owned subsidiary, Armco Alberta Inc.), a corporation controlled by George Armoyan and Sim Armoyan, holds the following securities of the REIT:
(a) 15,110,200 Units, representing approximately 17.71% of the outstanding Units on a non-diluted basis but including the outstanding Class B LP Units;
(b) $1,897,000 aggregate principal amount of 2018 Debentures. Assuming conversion of such 2018 Debentures as of the date of this Annual Information Form, G2S2 would indirectly own 344,909 Units, representing approximately 0.40% of the total issued and outstanding Units (assuming no changes to the number of issued and outstanding Units from the date of this Annual Information Form);
(c) $2,329,000 aggregate principal amount of 2021 Debentures. Assuming conversion of such 2021 Debentures as at the date of this Annual Information Form, G2S2 would indirectly own 358,308 Units, representing approximately 0.42% of the total issued and outstanding Units; and
(d) $7,881,000 aggregate principal amount of 2022 Debentures. Assuming conversion of such 2022 Debentures as at the date of this Annual Information Form, G2S2 would indirectly own 1,432,909 Units, representing approximately 1.65% of the total issued and outstanding Units.