An anonymous director reports

SLEEP COUNTRY CANADA HOLDINGS INC. ANNOUNCES ACCEPTANCE BY TSX OF NORMAL COURSE ISSUER BID

Sleep Country Canada Holdings Inc. has received acceptance from the Toronto Stock Exchange for its notice of intention to make a normal course issuer bid (NCIB). Pursuant to the NCIB, the company proposes to purchase through the facilities of the TSX, other designated exchanges and/or alternative trading systems, from time to time over the next 12 months, if considered advisable, up to a maximum of 2,368,443 common shares of the company, being approximately 10 per cent of its public float of 23,684,435 shares as of Feb. 29, 2024. Purchases may commence through the TSX on March 11, 2024, and will conclude on the earlier of the date on which purchases under the bid have been completed and March 10, 2025. The company may purchase up to a daily maximum of 15,927 shares (representing 25 per cent of the average daily trading volume of the shares on the TSX for the six months prior to Feb. 29, 2024, excluding purchases by the company under its prior normal course issuer bid, being 63,711 shares), except where such purchases are made in accordance with the block purchase exception under applicable TSX rules and policies.

The shares may be purchased for cancellation through the facilities of the TSX, other designated exchanges and/or alternative trading systems. The board of directors of Sleep Country has concluded that the market price of Sleep Country's shares may not, from time to time, reflect the inherent value of the company and purchases of shares pursuant to the bid may represent an appropriate and desirable use of finances that allows the company to return excess cash to shareholders, while still having sufficient cash available to finance all of its growth capital expenditure requirements.

The company purchased 1,449,691 shares through the facilities of the TSX, other designated exchanges and/or alternative trading systems at a volume-weighted average price of $23.36 per share under its previous normal course issuer bid which commenced on March 9, 2023, pursuant to which it sought and obtained approval of the TSX to purchase 2,675,550 shares. Sleep Country's previous normal course issuer bid expires on March 8, 2024. As of Feb. 29, 2024, the company had 33,529,713 issued and outstanding shares.

The company has established an automatic share purchase plan (ASPP) in connection with the NCIB to facilitate the purchase of shares during times when the company would ordinarily not be permitted to purchase shares due to regulatory restrictions or self-imposed blackout periods. Before entering a blackout period, the company may, but is not required to, instruct its broker to make purchases under the NCIB based on parametres set by the company in accordance with the ASPP, TSX rules and applicable securities laws. The ASPP has been precleared by the TSX and will be implemented effective March 11, 2024.

About Sleep Country Canada Holdings Inc.

Sleep Country is Canada's leading specialty sleep retailer with a purpose to transform lives by awakening Canadians to the power of sleep.

We seek Safe Harbor.