Mr. Tom Casey reports

CLARKE INC. ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

Clarke Inc. has filed a notice with the Toronto Stock Exchange and received its approval to purchase, through the facilities of the Toronto Stock Exchange or any Canadian alternative trading system, up to 699,232 common shares, representing 5 per cent of the total 13,984,644 issued and outstanding common shares as of June 21, 2023. From Dec. 1, 2022, to May 31, 2023, the average daily trading volume (ADTV) of Clarke common shares was 3,278 common shares. Under TSX rules, the company is entitled to purchase up to 25 per cent of the ADTV of the respective class of shares which is 819 common shares. Accordingly, under TSX rules and policies, the company is entitled on any trading day to purchase up to 1,000 common shares. Any common shares purchased by Clarke pursuant to the share issuer bid will be cancelled.

In connection with the program, the company has established an automatic securities purchase plan for the share issuer bid. The plan was established to provide standard instructions regarding how Clarke shares are to be repurchased under the share issuer bid. Accordingly, Clarke may repurchase its shares under the plan on any trading day during the share issuer bid including during self-imposed trading blackout periods. The plan will commence immediately and terminate with the share issuer bid. The company may otherwise vary, suspend or terminate the plan only if it does not have material non-public information and the decision to vary, suspend or terminate the plan is not taken during a self-imposed trading blackout period. The plan constitutes an automatic plan for purposes of applicable Canadian securities legislation and has been precleared by the Toronto Stock Exchange.

Purchases under the plan may commence on July 4, 2023, and will terminate on July 3, 2024.

The directors and senior management of Clarke are of the opinion that from time to time the purchase of Clarke common shares at the prevailing market price would be a worthwhile use of available funds and in the best interests of the company and its shareholders. Clarke acquired 235,025 common shares by means of open market transactions through the facilities of the TSX and alternative Canadian trading systems pursuant to the normal course issuer bid that expires on June 28, 2023, at a weighted average price of $11.73 per share. The maximum number of common shares that Clarke sought and obtained approval to purchase under that bid was 711,543.

About Clarke Inc.

Halifax-based Clarke is an investment and real estate company with holdings in a diversified group of businesses and across real estate sectors. Clarke's securities trade on the Toronto Stock Exchange (CKI, CKI.DB).

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