Mr. Sameet Kanade reports

STEEP HILL ANNOUNCES CONSOLIDATION

Steep Hill Inc. will be effecting a share consolidation of its issued and outstanding common shares on a one postconsolidation common share for every 15 preconsolidation common shares basis. Shareholders of the company approved the consolidation at the company's annual and special shareholder meeting held on July 28, 2023.

In relation to the consolidation, the company has obtained a new CUSIP (85832P208) and ISIN (CA85832P2089). There is no name change or stock symbol change in connection with the consolidation.

The consolidation is subject to the approval of the Canadian Securities Exchange. The company's common shares are expected commence trading on the CSE on a consolidated basis on or about market open on Dec. 8, 2023, under the company's existing symbol, STPH.

The consolidation will reduce the number of outstanding common shares from 242,844,610 to approximately 16,189,640. The exercise or conversion price and the number of common shares issuable under any of the company's outstanding stock options or common share purchase warrants will be proportionately adjusted to reflect the consolidation in accordance with the respective terms thereof. No fractional common shares will be issued pursuant to the consolidation and any fractional shares that would have otherwise been issued will be rounded down to the nearest whole number.

Letters of transmittal with respect to the consolidation will be mailed to registered shareholders of the company. All registered shareholders with physical certificates will be required to send their respective share certificates representing preconsolidation common shares, along with a properly executed letter of transmittal, to the company's registrar and transfer agent, Capital Transfer Agency ULC, in accordance with the instructions provided in the letter of transmittal. Shareholders who hold their common shares through a broker, investment dealer, bank or trust company, or other intermediary, should contact that nominee or intermediary for assistance in depositing their common shares in connection with the consolidation.

About Steep Hill Inc.

Steep Hill is in the process of restructuring its business and is exploring strategic alternatives.

We seek Safe Harbor.