Mr. Bruce McDonald reports

ANDREW PELLER LIMITED ANNOUNCES ISS RECOMMENDATION THAT SHAREHOLDERS VOTE FOR THE PROPOSED ARRANGEMENT WITH FAIRFAX

Institutional Shareholder Services Inc. (ISS) has recommended that holders of Class A shares of Andrew Peller Ltd. vote for the special resolution, approving the previously announced plan of arrangement involving Fairfax Financial Holdings Ltd. Under the arrangement, shareholders will receive cash consideration of $8 per Class A share and $12 per Class B share. The arrangement resolution will be considered for approval at the special meeting of shareholders of the company to be held on Aug. 11, 2026.

ISS recommended that shareholders vote for the arrangement resolution, concluding that the transaction provides shareholders with a meaningful premium, certainty of value and immediate liquidity. ISS also noted that, given Andrew Peller's ownership structure, the absence of applicable coattail provisions and the limited universe of potential acquirors, the special committee appears to have facilitated a reasonable degree of price discovery in evaluating the alternatives available to shareholders. ISS is a leading independent proxy advisory firm, the voting recommendations of which are relied upon by many institutional investors in making voting decisions.

Bruce McDonald, chair of the board of directors and co-chair of the special committee, stated: "We are pleased that ISS has recommended shareholders vote for the arrangement. We believe this recommendation provides important independent validation of the extensive review process undertaken by the special committee and the conclusions we reached."

The board of directors of the company, on the basis of the unanimous recommendation of the special committee and after receiving advice from its financial and legal advisers, unanimously approved (with interested directors abstaining) the arrangement and continues to recommend that shareholders vote for the arrangement resolution.

Your vote is important; please vote today.

The meeting will be held virtually on Aug. 11, 2026, at 10 a.m. Toronto time.

Shareholders are encouraged to vote well in advance of the proxy cut-off time of 10 a.m. Toronto time on Aug. 7, 2026.

If you have any questions or need assistance in your consideration of the arrangement, with the completion and delivery of your form of proxy or voting instruction form, or with the delivery of your shares and letter(s) of transmittal to Computershare Investor Services Inc., as depositary in respect of the arrangement, please contact the company's proxy solicitation agent, Sodali & Co., toll-free: 1-833-711-5524, collect: 1-289-695-3075, e-mail: assistance@investor.sodali.com.

Copies of the management information circular and related meeting materials are available on SEDAR+ under the company's issuer profile and the company's website. Shareholders are encouraged to review the management information circular, including the sections relating to the background to the arrangement, the formal valuation, fairness opinions and reasons for the recommendation of the special committee and board.

About Andrew Peller Ltd.

Andrew Peller is one of Canada's leading producers and marketers of quality wines and craft spirits. The company's award-winning premium and ultrapremium Vintners' Quality Alliance (VQA) brands include Peller Estates, Trius, Thirty Bench, Wayne Gretzky, Sandhill, Red Rooster, Black Hills Estate, Tinhorn Creek and Gray Monk Estates. Complementing these premium brands are a number of popularly priced varietal offerings, wine-based liqueurs, craft ciders and craft spirits. The company owns and operates 101 well-positioned independent retail locations in Ontario under The Wine Shop, Wine Country Vintners and Wine Country Merchants store names. The company also operates Andrew Peller Import Agency and The Small Winemaker's Collection Inc., importers and marketing agents of premium wines from around the world. With a focus on serving the needs of all wine consumers, the company produces and markets premium personal winemaking products through its wholly owned subsidiary, Global Vintners Inc. (GVI), the recognized leader in personal winemaking products.

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