Mr. Fabrice Mas of DHCT reports

DOUGHTY HANSON ACQUIRES 434,860 SERIES A FIRST PREFERRED SHARES OF EGUANA

On Feb. 7, 2019, DHCT II Luxembourg SARL, an investment vehicle of Doughty Hanson & Co. Technology Ventures, a fund managed by Doughty Hanson & Co. Managers Ltd., acquired ownership of 434,860 8 per cent, redeemable, accretive, voting Series A first preferred shares of Eguana Technologies Inc. at $10 per Series A first preferred share and convertible into common shares of Eguana at a price of 24 cents per share, subject to certain adjustments, representing 100 per cent of the presently issued and outstanding Series A first preferred shares.

On Feb. 7, 2019, DHCT entered into a subscription agreement with Eguana to purchase 300,000 Series A first preferred shares for an aggregate subscription price of $3-million. DHCT also converted the existing $1.3-million loan plus interest accrued thereon into 134,860 Series A first preferred shares.

Immediately prior to the acquisition of the Series A first preferred shares, DHCT owned: (i) 58,018,920 common shares, representing approximately 26.1 per cent of the issued and outstanding common shares; (ii) one Series 8 first preferred share of Eguana, representing 100 per cent of the issued and outstanding Series 8 first preferred shares of Eguana; (iii) 625,000 common share purchase warrants exercisable on or before Sept. 29, 2019, at an exercise price of 25 cents per common shares; and (iv) 1,238,095 common share purchase warrants exercisable on or before Aug. 22, 2021, at an exercise price of 21 cents per common share (items (iii) and (iv) -- together the warrants).

Following DHCT's acquisition of the Series A first preferred shares, DHCT owns: (i) 58,018,920 common shares, representing approximately 26.1 per cent of the issued and outstanding common shares; (ii) one Series 8 first preferred share of Eguana, representing 100 per cent of the issued and outstanding Series 8 first preferred shares of Eguana; (iii) 434,860 Series A first preferred shares, representing 100 per cent of the presently issued and outstanding Series A first preferred shares; and (iv) the warrants.

DHCT has acquired the Series A first preferred shares through a private placement with Eguana for investment purposes and may acquire further Series A first preferred shares or dispose of its holdings of Series A first preferred shares, both as investment conditions warrant. Eguana is listed on the TSX Venture Exchange under the symbol EGT.

DHCT has its head office at 46A, Avenue John F. Kennedy, Luxembourg, L-1855.