Mr. Morgan McLellan reports

DYE & DURHAM ANNOUNCES RESULTS OF SUBSTANTIAL ISSUER BID

Dye & Durham Ltd.'s substantial issuer bid to purchase up to $160-million in aggregate principal amount of 3.75 per cent senior unsecured convertible debentures due March 1, 2026, has been oversubscribed. As the Offer is oversubscribed, and assuming no withdrawals prior to the take up and payment for the tendered Original Debentures, elections made by holders of the Original Debentures tendering to the offer are subject to proration as described in the Offer to Purchase and Circular and Notices of Variations (each as defined below).

Of the $160,000,000 in aggregate principal amount of Original Debentures expected to be taken up under the Offer, Dye & Durham will (i) pay $36,144,000 in cash in consideration of $48,000,000 in principal amount of Original Debentures for which a cash consideration election was made; and (ii) issue $140,000,000 in principal amount of 6.50% senior unsecured extendible convertible debentures due November 1, 2028 (the "New Debentures") in consideration of $112,000,000 in principal amount of Original Debentures for which a New Debenture election was made.

Original Debentures purchased under the Offer represent approximately 46.4% of the issued and outstanding principal amount of Original Debentures as at October 20, 2023, the date the Offer was publicly announced. After giving effect to the Offer, $185,000,000 in principal amount of Original Debentures will be issued and outstanding and $160,425,000 in principal amount of New Debentures (including previously issued New Debentures) will be issued and outstanding.

Computershare Investor Services Inc., the depositary for the Offer (the "Depositary"), will effect payment for the purchased Original Debentures in respect of which a cash consideration election was made in accordance with the Offer and applicable law. Issuance of New Debentures, for the Original Debentures in respect of which a New Debenture election was made, will be effected by Computershare Trust Company of Canada, the debenture trustee for the New Debentures (the "Debenture Trustee") in accordance with the Offer and applicable law. Any Original Debentures not taken up, including such Original Debentures not taken up because of proration, will be returned to Debentureholders promptly by the Depositary.

The full details of the Offer are described in the purchase offer and issuer bid circular dated November 1, 2023 (together, the "Offer to Purchase and Circular"), the notice of variation and extension dated December 7, 2023, and the notice of variation and extension dated January 4, 2024 (together the "Notices of Variation"), as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on SEDAR+ at www.sedarplus.com.

We seek Safe Harbor.