Mr. Andrew Howard reports

DIAMOND ESTATES WINES & SPIRITS INC. ENTERS INTO EIGHTH AMENDMENT TO ITS SECOND AMENDED AND RESTATED CREDIT AGREEMENT AND ISSUES Q4 DSUS

Effective March 31, 2026, Diamond Estates Wines & Spirits Inc. has entered into a further amendment (the eighth amendment) to its second amended and restated credit agreement with Bank of Montreal. The notable terms of the eighth amendment are as follows:

• Limited guarantee: The limited recourse guarantee granted by Lassonde Industries Inc. in favour of BMO has been removed, owing to the fact that the bulge amount has been repaid by Diamond.
• Maturity date: The maturity date of the SARCA was extended to July 31, 2026.
• Interest rates: The interest rates are unchanged from the last amendment to the SARCA.

"We want to thank Bank of Montreal for its ongoing support as Diamond continues its financial turnaround," said Andrew Howard, president and chief executive officer of Diamond. The company plans to release its year ended March 31, 2026, audited financial statements in late June/early July after completion of the audit.

Deferred share unit grant

The company also wishes to announce that it has issued deferred share units to its directors as of March 31, 2026. Pursuant to the company's deferred share unit plan, an aggregate of 198,439 DSUs at a deemed price per DSU of 16 cents have been issued by the company to non-executive directors, with the exception of Vince Timpano and Guy Blanchette (who have renounced their compensation as nominees of Lassonde), in settlement of $31,750 of deferred directors compensation. The DSUs are to be settled in common shares of the company when the director retires from all positions with the company.

About Diamond Estates Wines & Spirits Inc.

Diamond Estates is a producer of high-quality wines and ciders, as well as a sales agent for over 120 beverage alcohol brands across Canada. The company operates four facilities, three in Ontario and one in British Columbia, that produce predominantly VQA wines under such brand names as 20 Bees, Creekside, D'Ont Poke the Bear, EastDell, Lakeview Cellars, Mindful, Shiny Apple Cider, Fresh Wines, Red Tractor, Seasons, Serenity and Backyard Vineyards.