Mr. Andrew Lutfy reports

GROUPE DYNAMITE ANNOUNCES EXERCISE OF IPO OVER-ALLOTMENT OPTION

Further to its recently completed secondary offering of 14,285,715 subordinate voting shares at a price of $21.00 per share, Groupe Dynamite Inc.'s overallotment option granted to the underwriters was partially exercised for additional gross proceeds of approximately $13.6-million. Participating in the transaction are entities controlled by Andrew Lutfy, Groupe Dynamite's founder, chief executive officer and chair of the board (the selling shareholders). The sale of the additional subordinate voting shares will bring the aggregate gross proceeds of the selling shareholders to approximately $313.6-million.

The subordinate voting shares are listed under the symbol GRGD on the Toronto Stock Exchange.

Closing is scheduled to occur on Dec. 24, 2024, following which Groupe Dynamite will have 14,957,682 subordinate voting shares issued and outstanding, as well as 92,615,622 multiple voting shares.

The offering was made through a syndicate of underwriters led by Goldman Sachs Canada Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and TD Securities Inc., as joint lead bookrunners, and Barclays Capital Canada Inc., Desjardins Securities Inc., National Bank Financial Inc. and Scotia Capital Inc., as bookrunners, and including Canaccord Genuity Corp., CIBC World Markets Inc. and Stifel Nicolaus Canada Inc.

About Groupe Dynamite Inc.

Groupe Dynamite is a growth-oriented company striving for excellence in the fashion retail industry. Operating retail stores and digital experiences under two complementary and spirited banners -- Garage and Dynamite -- the company offers a wide range of women's fashion apparel, catering to the style preferences and lifestyle needs of generation Z and Millennials. With leading key operating metrics and a commitment to innovation and disciplined execution, Groupe Dynamite is proud to deliver transformative customer experiences. Guided by its mission, "empowering you to be you, one outfit at a time," the company is a values-led, inclusive organization committed to inspiring confidence and self-expression. Proudly rooted in the chic and vibrant city of Montreal, Groupe Dynamic's culture, values and distinct brands position the company to shape the future of fashion while attracting and inspiring the next generation of leaders and creators. Its ownership mentality and entrepreneurial mindset are reflected in its shared success program, through which all of its 6,000 employees will have ownership exposure. This alignment of interests and values fosters collaboration, fuels innovation, and creates meaningful long-term value for the team and stakeholders alike.

We seek Safe Harbor.