Mr. Craig Armitage reports

CROWN CAPITAL ANNOUNCES APPROVAL OF AMENDMENTS TO CONVERTIBLE DEBENTURES

At a special meeting of the holders of Crown Capital Partners Inc.'s 6 per cent convertible unsecured subordinated debentures due June 30, 2023, held on May 16, 2023, the debentureholders approved an extraordinary resolution approving the previously announced amendments to the debentures.

As previously announced, the debenture amendments will result in the following changes to the debentures:

• Extending the maturity date of the Debentures from June 30, 2023 to December 31, 2024;
• Amending the interest rate on the Debentures from 6% to 10%;
• Removing the conversion right of the Debentureholders; and
• Removing the right of the Corporation to repay the principal amount of the Debentures in common shares of the Corporation on the new maturity date or any redemption date.

A description of the Debenture Amendments is set out in the Corporation's management information circular dated April 12, 2023 and available under the Corporation's profile on SEDAR at www.sedar.com.

Debentureholders owning 59.275% of the outstanding Debentures voted. The detailed results of the vote were as follows:

Any Debentureholder that voted for the Debenture Amendments will receive a cash consent fee of $10 per $1,000 principal amount of Debentures held by the Debentureholder as of April 6, 2023 provided that the Debenture Amendments are validly approved by the Toronto Stock Exchange (the "TSX").

The effective date of the Debenture Amendments will be June 30, 2023. Crown will enter into an amended and restated trust indenture to the current trust indenture between TSX Trust Company governing the Debentures to effect the Debenture Amendments.

The TSX has conditionally approved the Debenture Amendments. The Debenture Amendments remain subject to the final approval of the TSX.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

We seek Safe Harbor.