Ms. Allison Radford reports

ROCKY MOUNTAIN LIQUOR ANNOUNCES UPCOMING BOARD CHANGES

Christopher Queitsch and David Delaney, two nominees of Camac Partners LLC (CP) and Camac Fund LP (together, the Camac parties), and Peter Byrne and Allison Radford, two nominees of Peter Byrne, Joan Byrne and Byrne Alberta Ltd. (together, the Byrne parties), will stand for election to Rocky Mountain Liquor Inc.'s board of directors at the company's 2024 annual general meeting of shareholders.

Furthermore, the Camac parties and the Byrne parties have agreed to vote for the management nominees put forward by the company at the meeting, which will also include Courtney Burton and Eugene Coleman (collectively, the 2024 nominees), as well as other customary voting and standstill provisions. In order to accommodate the addition of Mr. Queitsch and Mr. Delaney, the board will seek shareholder approval to fix the size of the board at six at the meeting. Robert Normandeau will retire from the board and will not stand for re-election as a director at the meeting. Mr. Normandeau has been a director of the company since its inception in 2007. Peter Byrne, executive chairman and acting chief executive officer, states: "We extend our deepest gratitude to Rob for his remarkable dedication and invaluable contributions as a board director over the past 17 years. His unwavering commitment and insightful guidance have significantly enriched our organization's success. Rob's leadership and expertise have consistently added immense value, and we are grateful for his commitment."

Additional details on the management nominees and meeting will be made available on SEDAR+ in due course.

Early warning requirements -- Camac parties

At the time of this news release, CP, on behalf of Camac Fund LP as its investment fund manager, beneficially owns, or exercises control or direction over, 9,137,000 common shares of Rocky Mountain, representing approximately 19.1 per cent of the company's issued and outstanding common shares. No acquisition or disposition of securities triggered the requirement to file this press release.

On March 18, 2024, the Camac parties entered into an agreement with the company pursuant to which the Camac parties have the right to have two nominees serve on the board from the date of the meeting until March 18, 2025, and have agreed to, among other things, customary standstill (including with respect to the solicitation of proxies) and voting provisions which will remain in effect until March 18, 2025, and which includes the requirement to vote in favour of the 2024 nominees.

This portion of the press release is issued pursuant to National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the report will be filed in accordance with applicable securities laws and will be available on the company's issuer profile on SEDAR+. The company's head office is 11478 149 St., Edmonton, Alta., T5M 1W7, Canada. The address of CP is 2 Pheasant Ridge Rd., Ossining, N.Y., 10562.

Early warning requirements -- Byrne parties

At the time of this news release, Byrne Alberta, Peter Byrne and Ms. Byrne (the Byrne joint parties), beneficially own, or exercise control or direction over, 10,638,790 common shares of Rocky Mountain, representing approximately 22.4 per cent of the company's issued and outstanding common shares. No acquisition or disposition of securities triggered the requirement to file this press release.

On March 18, 2024, the Byrne parties entered into an agreement with the company pursuant to which the Byrne joint parties have the right to have two nominees serve on the board from the date of the meeting until March 18, 2025, and have agreed to, among other things, customary standstill (including with respect to the solicitation of proxies) and voting provisions which will remain in effect until March 18, 2025, and which includes the requirement to vote in favour of the 2024 nominees.

This portion of the press release is issued pursuant to National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the report will be filed in accordance with applicable securities laws and will be available on the company's issuer profile on SEDAR+. The company's head office is 11478 149 St., Edmonton, Alta., T5M 1W7, Canada. The address for Byrne joint parties is 3 Ontario Crescent, Devon, Alta., T9G 1H5, Canada.

About Rocky Mountain Liquor Inc.

Rocky Mountain owns 100 per cent of Andersons Liquor Inc., headquartered in Edmonton, Alta., which now owns and operates 25 private liquor stores in that province, up from 18 stores since the common shares began trading in December, 2008.

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