CALGARY, Alberta–(BUSINESS WIRE)–Walton Westphalia Development Corporation (the “Corporation”) has
converted (the “Conversion“) its 8% unsecured, subordinated,
convertible, extendable debentures and related interest debentures
(collectively, the “Debentures“) and unpaid accrued interest
thereon up to and including May 5, 2019, into class B non-voting common
shares of the Corporation (“Class B Shares“), as previously
announcing on April 24, 2019. The Conversion was completed effective May
6, 2019.

Pursuant to the Conversion, holders of Debentures received, for each
$1,000 amount of Debentures and outstanding interest thereon, 2,104.5146
Class B Shares. As a result, the approximate total of $23.9 million of
Debentures and interest thereon outstanding was converted into
50,408,558.2122 Class B Shares. There are now 53,425,728.2122 Class B
Shares outstanding and no Debentures outstanding. Fractional Class B
Shares were issued on the Conversion rounded up to the nearest fourth
decimal.

As each holder of Class B Shares prior to the Conversion were also
debenture holders at that time based on the proportions issued by the
Corporation under its original prospectus and private placement
offerings, the percentage of the total number of outstanding Class B
Shares held by each shareholder immediately prior to the Conversion did
not change as a result of the Conversion. The Conversion did not dilute
any ownership interests and all existing shareholders will continue to
own their existing percentage of the overall assets and liabilities of
the Corporation.

No action will be required on the part of the Debenture holders to
complete the Conversion. The Conversion will be processed by the trustee
of the Debentures, Computershare Trust Company of Canada and, upon
issuance of the Class B Shares, the Corporation will be discharged of
all of its liability for the repayment of the principal amount and
unpaid interest accrued under the Debentures. Notwithstanding that no
action is required on the part of Debenture holders with respect to the
Conversion, the Corporation and Computershare request that Debenture
holders mail the certificates evidencing their Debentures (including
interest debentures) to Computershare for cancellation at the following
address:

Computershare Trust Company of Canada
600, 530 – 8th Avenue SW
Calgary,
Alberta T2P 3S8
Attention: Corporate Trust

In March of 2020, each investor will receive, by mail, a T5 tax slip
indicating the amount of interest the investor will be required to
report for income tax purposes.

Additional Information

The Corporation is managed by Walton Global Investment Ltd and the
development of the project is managed by Walton Development & Management
(USA), Inc., both of which are members of the Walton Group of Companies.

The Walton Group of Companies (“Walton“) is a multinational
real estate investment, planning, and development group concentrating on
the research, acquisition, administration, planning and development of
strategically located land in major North American growth corridors.

Its communities are comprehensively designed in collaboration with local
residents for the benefit of community stakeholders. Its goal is to
build communities that will stand the test of time: hometowns for
present and future generations.

For more information about Walton Westphalia Development Corporation,
please visit www.sedar.com.
For more information about Walton, visit www.Walton.com.

This news release, required by Canadian laws, does not constitute an
offer of securities, and is not for distribution or dissemination
outside Canada. This news release contains forward looking information,
and actual future results may differ from what is disclosed in this news
release. The risks, uncertainties and other factors that could influence
results are described in the prospectus and other documents filed with
Canadian securities regulatory authorities and available online at
www.sedar.com.
Except as otherwise noted, all amounts are in Canadian dollars.

Contacts

For media inquiries, please contact: Camila Roncancio
Office:
1.866.925.8668
Email: [email protected]