Mr. John Richardson reports

TIER ONE CAPITAL LIMITED PARTNERSHIP ANNOUNCES CONTINUATION OF NORMAL COURSE ISSUER BID

Tier One Capital LP will continue its normal course issuer bid (NCIB) for a portion of its limited partnership units first announced on Sept. 27, 2021.

Pursuant to the NCIB, Tier One may repurchase up to a maximum of 233,762 units, representing approximately 5 per cent of its public float of units as at Sept. 30, 2023. Purchases under the NCIB may be made through open market transactions on the Canadian Securities Exchange (CSE) based on the prevailing market price. Any units purchased under the NCIB will be cancelled. As at Sept. 30, 2023, there were 4,675,240 units issued and outstanding.

Transactions under the NCIB will depend on future market conditions and be subject to specific restrictions. The value, in Canadian dollars, of the consideration offered per unit will not exceed 90 per cent of the last reported limited partners' interest per unit on the date of the acquisition. Purchases under the NCIB will not exceed 500 units per day. On a monthly basis, not more than 0.75 per cent of the outstanding units and on a quarterly basis, not more than 1.25 per cent of outstanding units, may be purchased. Purchases under the NCIB will be subject to applicable CSE and other regulatory requirements. The NCIB will end on Oct. 5, 2024, or such earlier date on which the maximum number of units are purchased under the NCIB or the NCIB is terminated at Tier One's election.

The NCIB provides Tier One with a capital allocation alternative with a view to long-term shareholder value. Tier One's board of directors and management believe that, from time to time, the market price of the units does not reflect their underlying value and purchases of units for cancellation under the NCIB may provide an opportunity to enhance unitholder value.

About Tier One Capital LP

Tier One Capital is a listed innovative specialty finance LP committed to providing limited partners with access to attractive yields. Tier One Capital focuses on providing rapidly growing Canadian companies with the working capital needed to execute their growth strategies and acquisition plans. Its primary focus is on companies with recurring or predictable revenue, with high gross margins. Tier One Capital's credit review criteria identifies opportunities that offer multiple avenues for repayment of principal, be it from operational cash flow, cash flow from tax credits or government grants, or a sale of the business or other liquidity event. Tier One Capital is the lender of choice for entrepreneurs looking for growth capital financing in Canada.

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