Aleksandar

CALGARY, May 7, 2025 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced its financial results for the three months ended March 31, 2025. Crown’s complete financial statements and management’s discussion and analysis are available on SEDAR at www.sedarplus.ca.

Q1 2025 Financial & Operating Overview

• Crown recognized a net loss of $(1.8) million ($0.32 loss per basic share) in Q1 2025 compared to a net loss of $(0.6) million ($0.11 loss per basic share) in Q1 2024.
• Adjusted EBITDA¹ was $1.7 million in Q1 2025 compared to $1.3 million in Q1 2024 due primarily to improved earnings from the Distribution Services and Network Services segments and reductions in expenses of the Corporate and Other segment, partially offset by decreased earnings from the Real Estate and Distributed Power segments.
• Distribution services revenue was $10.8 million in Q1 2025 compared to $8.2 million in Q1 2024, an increase of 31.4%. This segment reported net income before income taxes of $0.4 million (2024 – net loss before income taxes $(0.5) million) and Adjusted EBITDA of $1.0 million (2024 – $0.2 million), with the year-over-year improvement attributable to the impact of operational efficiencies implemented throughout 2023 and 2024 and to increased capacity utilization across the warehouses. Capacity utilization was 62% at March 31, 2025, compared with 62% at December 31, 2024, 62% at September 30, 2024, 58% at June 30, 2024, 52% at March 31, 2024.
• Network services revenue was $8.7 million in Q1 2025 compared to $6.7 million in Q1 2024, an increase of 29.9% attributable to a year-over-year increase in revenues from Galaxy (40.9%) due to additional hardware sales and modest increases from Community Network Partners in respect of revenues from the high speed internet infrastructure project in Brooks, Alberta and the Ontario Connects: Accelerated High-Speed Internet Program (the “Ontario Connects Program”) and earnings from Inuknet, partially offset by a decrease in revenues from the continued runoff of customer contracts in WireIE. This segment reported a net income before income taxes of $0.2 million (2024 – net loss before income taxes of $(0.03) million) and Adjusted EBITDA of $1.1 million (2024 – $0.9 million) with the increase attributable to lower margin sales from a government sector contract in Galaxy.
• Real Estate segment revenue was $1.0 million in Q1 2025 compared to $1.6 million in Q1 2024, a decrease of 36.3% year-over-year due to the timing of fees from construction and development fees. This segment recorded a net loss before income taxes of $(0.03) million (2024 – net income before income taxes of $0.7 million) and Adjusted EBITDA of $0.09 million (2024 – $0.9 million).
• Distributed Power revenue was $0.3 million in Q1 2025 compared to $0.8 million in Q1 2024, a decrease of 68.2% due to softer power prices in the Alberta market. This segment reported a net loss before income taxes of $(0.2) million (2024 – net income before income taxes of $0.003 million) and Adjusted EBITDA of $(0.09) million (2024 – $0.1 million).
• The Specialty Finance segment recorded net income before income taxes of $0.1 million in Q1 2025 (Q1 2024 – $1.7 million), representing Crown’s share of earnings of Crown Partners Fund, and Adjusted EBITDA of $0.003 million (2024 – $0.004 million), representing income distributions received from Crown Partners Fund.
• Total equity at quarter-end decreased to $6.9 million from $8.6 million at the end of 2024 due to a net loss attributable to shareholders of $(1.8) million. Total equity per share decreased to $1.22 per basic share from $1.53 per basic share as at December 31, 2024.

Q1 2025 Financial Results Summary

Quarterly reconciliations of loss before income taxes to Adjusted EBITDA

Reconciliations of (loss) income before income taxes to Adjusted EBITDA by operating segment

¹ Adjusted EBITDA is not a measure of financial performance (nor does it have a standardized meaning) under IFRS. In evaluating this measure, investors should consider that the methodology applied in calculating these measures might differ among companies and analysts. The Corporation has provided a reconciliation of loss before income taxes attributable to Shareholders to Adjusted EBITDA in this news release. Amounts in respect of non-controlling interests are excluded in the calculation of Adjusted EBITDA. We believe that Adjusted EBITDA is a useful supplemental measure in the context of Crown’s operations to assist investors in assessing the performance of our business as it provides a more relevant picture of operating results by facilitating a comparison of our performance on a consistent basis from period-to-period and provides a more complete understanding of factors and trends affecting our business. Adjusted EBITDA should not be considered as the sole measure of Crown’s performance and should not be considered in isolation from, or as a substitute for, analysis of the Corporation’s financial statements.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the distribution services market, the network services market and the general economy, Crown’s business plans and strategy, including anticipated investment dispositions and capital deployments and the timing thereof, anticipated refinancing activity and Crown’s future earnings. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:

Michael Overvelde

Chief Financial Officer

investor.relations@crowncapital.ca

(416) 640-6887

CALGARY, March 31, 2025 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced its financial results for the three and twelve months ended December 31, 2024. Crown’s complete financial statements and management’s discussion and analysis are available on SEDAR at www.sedarplus.ca.

2024 Financial & Operating Overview

• Crown recognized a net loss of $(29.4) million ($5.26 loss per basic share) in 2024 compared to a net loss of $(12.2) million ($2.16 loss per basic share) in 2023. The net loss in 2024 is inclusive of aggregate impairment charges of $9.4 million (2023 – $6.1 million) in respect of real estate property ($7.0 million), distributed power equipment ($2.2 million), and telecom inventory of ($0.2 million), as well as Crown’s share of losses from investments in associates of $(15.6) million (2023 – share of earnings of $3.0 million).
• Adjusted EBITDA¹ was $5.1 million in 2024 compared to $3.8 million in 2023 due primarily to improved earnings from the Distribution Services, Real Estate and Corporate and Other segments, partially offset by decreased earnings from the Network Services, Specialty Finance and Distributed Power segments.
• Distribution services revenue was $36.9 million in 2024 compared to $34.4 million in 2023, an increase of 7.3%. This segment reported net income before income taxes of $1.6 million (2023 – net loss before income taxes $(3.6) million) and Adjusted EBITDA of $3.1 million (2023 – $(1.6) million), with the year-over-year improvement attributable to the impact of operational efficiencies implemented throughout 2023 and 2024 and to increased capacity utilization across the warehouses. Capacity utilization was 62% at December 31, 2024, compared with 62% at September 30, 2024, 58% at June 30, 2024, 52% at March 31, 2024 and 42% at December 31, 2023.
• Network services revenue was $26.2 million in 2024 compared to $26.9 million in 2023, a decrease of 2.8% due to a year-over-year revenue decline from WireIE, which experienced a continued runoff of customer contracts, that more than offset a year-over-year increase in revenues from Galaxy in respect of non-recurring hardware sales and modest increases from Community Network Partners in respect of revenues from the project in Brooks, Alberta and the Ontario Connects: Accelerated High-Speed Internet Program (the “Ontario Connects Program”). This segment reported a net loss before income taxes of $(2.6) million (2023 – $(0.6) million) and Adjusted EBITDA of $1.9 million (2023 – $2.4 million) with the decrease attributable to lower margin sales from a government sector contract in Galaxy.
• Real Estate segment revenue was $5.2 million in 2024 compared to $4.0 million in 2023, an increase of 29.5% year-over-year due to increases in fees from property and development contracts. This segment recorded a net loss before income taxes of $(6.4) million, inclusive of $7.0 million of non-cash impairments (2023 – net income before income taxes of $0.2 million and $nil, respectively) and Adjusted EBITDA of $1.1 million (2023 – $0.6 million).
• Distributed Power revenue was $2.0 million in 2024 compared to $2.4 million in 2023, a decrease of 17.1% due to the reclassification of certain power assets as assets held for sale at the end of 2023 and to the consolidation of the Wilson Creek assets, resulting in the elimination of intercompany lease interest revenue, partially offset by related revenues from merchant power customers. In addition to softer power prices in the Alberta market, merchant power revenues were lower than expected in 2024 due to the delayed repair of engine coolers, which reduced both available output and runtimes during the year. This segment reported a net loss before income taxes of $(1.4) million, inclusive of non-cash impairments of $2.2 million (2023 –$(2.0) million and $6.1 million, respectively) and Adjusted EBITDA of $0.1 million (2023 – $0.7 million).
• The Specialty Finance segment recorded net loss before income taxes of $(11.7) million (2023 – net income before income taxes $2.6 million), representing Crown’s share of (losses) earnings of Crown Partners Fund, and Adjusted EBITDA of $0.2 million (2023 – $3.0 million), representing income distributions received from Crown Partners Fund. The year-over-year decrease is due primarily to the recognition of a realized loss in respect of the sale of a loan investment carried at fair value through profit and loss in 2024.
• Total equity at year-end decreased to $8.7 million from $38.2 million at the end of 2023 due to a net loss attributable to shareholders of $(29.4) million, which was driven primarily by Crown’s share of the loss of investments in associates of $(15.6) million and impairments of property and equipment under development. Total equity per share decreased to $1.53 per basic share from $6.84 per basic share as at December 31, 2023.
• During 2024, Crown made payments from operating cash flows to reduce the balance on its credit facility with Canadian Western Bank (“CWB Credit Facility”) by $10.1 million. Effective December 18, 2024, the Corporation entered into a new senior secured corporate credit facility of $15.0 million (“Crown Credit Facility”) with Sandton Capital Solutions Master Fund VI, LP, an investment fund managed by Sandton Capital Partners, the proceeds of which were used primarily to fully repay and terminate the CWB Credit Facility.
• Effective October 18, 2024, Debentureholders approved amendments to the terms of the Debentures, including an extension of the maturity date from December 31, 2024 to December 31, 2026 and amendments to the interest rate from 10% to 11% effective as of October 25, 2024 and from 11% to 12% effective as of December 31, 2025. For additional details on the Debenture amendments, see Note 16 of Crown’s audited consolidated financial statements for the years ended December 31, 2024 and 2023.
• In 2024, Crown’s subsidiary, Community Network Partners, received grant funding payments of $28.8 million for the completion of two sublots related to its fibre network under the Province of Ontario’s Accelerated High-Speed Internet Program.

Q4 2024 Financial & Operating Overview

• Crown recognized a net loss of $(10.9) million ($1.95 loss per basic share) compared with $(8.5) million ($1.52 loss per basic share) in Q4 2023. The net loss in Q4 2024 is inclusive of aggregate impairment charges of $9.4 million (2023 – $6.1 million) in respect of real estate property and distributed power equipment under development. For Q4 2024, Adjusted EBITDA was $1.0 million compared with $0.5 million in Q4 2023 period, with increased earnings from the Distribution Services segment more than offsetting reduced contributions from the Network Services, Specialty Finance, Distributed Power, Real Estate, and Corporate and Other segments.
• Crown recognized net income before income taxes in respect of the Distribution Services segment of $1.9 million (2023 – net loss before income taxes of $(1.2) million) and Adjusted EBITDA of $1.4 million (2023 – $(0.4) million). Distribution services revenue increased by 12.5% quarter-over-quarter and increased by 24.2% compared with Q4 2023 due primarily to increased capacity utilization at the Reno, Columbus and Calgary warehouses. The year-over-year increase in Adjusted EBITDA of the segment in Q4 2024 related primarily to improvements in operations achieved during 2023 and 2024.
• Crown recognized a net loss before income taxes in respect of the Network Services segment of $(1.7) million (2023 – $(0.7) million) and Adjusted EBITDA of $0.1 million (2023 – $0.5 million). Network services revenue in Q4 2024 increased by 22.0% year-over-year and decreased by 5.3% compared to Q3 2024, with the quarter-over-quarter decrease due primarily to the intercompany revenues eliminated upon consolidation of the Corporation’s Network Services operations. Compared with the prior year period, the increase in revenues is due primarily to non-recurring hardware sales to a significant government sector customer.
• Our share of losses from investments in associates was $(0.5) million, of which $(0.4) related to Inuknet, and which represents quarter-over-quarter decreases compared to Q3 2024 and Q4 2023, with both reductions due primarily to losses from Crown Partners Fund and Inuknet. Inuknet builds networks to provide connectivity to municipalities, regions, and Inuit communities in Nunavut.
• Crown recognized a net loss before income taxes in respect of the Distributed Power segment of $(0.9) million (2023 – $(2.7) million), inclusive of aggregate impairment charges of $2.2 million (2023 – $6.1 million) recorded in respect of assets held for sale and equipment under development.

Q4 & FY2024 Financial Results Summary

Quarterly reconciliations of loss before income taxes to Adjusted EBITDA

Reconciliations of (loss) income before income taxes to Adjusted EBITDA by operating segment

¹ Adjusted EBITDA is not a measure of financial performance (nor does it have a standardized meaning) under IFRS. In evaluating this measure, investors should consider that the methodology applied in calculating these measures might differ among companies and analysts. The Corporation has provided a reconciliation of loss before income taxes attributable to Shareholders to Adjusted EBITDA in this news release. Amounts in respect of non-controlling interests are excluded in the calculation of Adjusted EBITDA. We believe that Adjusted EBITDA is a useful supplemental measure in the context of Crown’s operations to assist investors in assessing the performance of our business as it provides a more relevant picture of operating results by facilitating a comparison of our performance on a consistent basis from period-to-period and provides a more complete understanding of factors and trends affecting our business. Adjusted EBITDA should not be considered as the sole measure of Crown’s performance and should not be considered in isolation from, or as a substitute for, analysis of the Corporation’s financial statements.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the distribution services market, the network services market and the general economy, Crown’s business plans and strategy, including anticipated investment dispositions and capital deployments and the timing thereof, anticipated refinancing activity and Crown’s future earnings. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:

Michael Overvelde

Chief Financial Officer

investor.relations@crowncapital.ca

(416) 640-6887

CALGARY, ALBERTA, February 18, 2025 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announces that it has completed a non-brokered private placement offering (the “Offering”) of 84,000 common shares of the Corporation (“Common Shares”) at a price of $1.50 per Common Share for gross proceeds of $126,000.  The net proceeds received by the Corporation from the Offering will be used for general working capital purposes.

John Brussa, an insider of the Corporation, purchased all of the Common Shares sold pursuant to the Offering (the “Insider Subscription”). The Insider Subscription is considered to be a “related party transaction” for the purposes of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). In accordance with MI 61-101, the Corporation is not required to obtain a formal valuation or minority approval of the Offering due to the fact that it may rely on an exemption to those requirements contained in MI 61-101, namely that the fair market value of the Offering is not more than 25% of the market capitalization of the Corporation.

All securities issued in connection with the Offering are subject to a hold period of four-months and one day from the date that they were issued.

The final closing of the Offering is subject to receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

The Corporation also announces today that on February 18, 2025, the Corporation paid a cash commitment fee of $126,000 to John Brussa in connection with a loan agreement dated August 12, 2024 between Mr. Brussa and a wholly owned subsidiary of the Corporation. The cash payment accepted by Mr. Brussa in settlement of the amount owed to him was at an approximate 40% discount to the actual amount owed to him by the Corporation. Mr. Brussa used the funds paid to him by the Corporation to purchase Common Shares pursuant to the Offering. 

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca. 

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the closing of the Offering and the use of the proceeds of the Offering. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information

For further information, please contact:

Michael Overvelde Chief Financial Officer investor.relations@crowncapital.ca (416) 640-6887

CALGARY, ALBERTA, December 18, 2024 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced that it has entered an agreement for a new senior secured corporate credit facility of $15.0 million (“Credit Facility”) with Sandton Capital Solutions Master Fund VI, LP (“Sandton”), an investment fund managed by Sandton Capital Partners. This Credit Facility replaces Crown’s previous corporate credit facility with Canadian Western Bank.

The Credit Facility is comprised of a non-amortizing term loan of C$15.0 million which is being advanced in full today, and from which proceeds are being used primarily to fully repay Crown’s existing senior debt. The terms of the Credit Facility include a maturity date of December 18, 2026, monthly interest that is based on a fixed interest rate of 15.5% per annum and that is payable by capitalization to the principal amount of the debt, a requirement to repay at least C$10.0 million of principal by March 31, 2026, and customary covenants for an agreement of this nature.

“We are pleased to finalize this new credit facility with Sandton and to fully normalize our credit arrangements”, said Chris Johnson, Crown’s President & CEO. “With this new two-year term facility in place, and with the maturity date of our publicly traded debentures also recently extended to December 2026, we will now be able to better focus on the growth of our core businesses while continuing to deleverage our balance sheet in an orderly manner through the monetization of non-core assets and other measures”.

Deferred Debenture Interest Payment Update

Crown today also announced that as a result of not having made the interest payment due on June 30, 2024 (the “Deferred Interest Payment”) in respect of its 11% unsecured subordinated debentures due December 31, 2026 (the “Debentures”) on or before December 17, 2024, it is in default of the second amended and restated trust indenture dated October 25, 2024 (the “Indenture”) that governs the Debentures.

At a special meeting of the holders of the Debentures (the “Debentureholders”) held on October 18, 2024, the Debentureholders approved an extraordinary resolution that, among other things, waived the default by the Corporation under the Indenture for the failure to make the Deferred Interest Payment (the “Default Waiver”), subject to the requirement that the Corporation make the Deferred Interest Payment to Debentureholders within 60 days of the approval of the extraordinary resolution of the Debentureholders (the “Deferred Interest Payment Deadline”). As the Deferred Interest Payment was not made by the Deferred Interest Payment Deadline, the Default Waiver is of no further force or effect.

Notwithstanding the foregoing, with the Corporation’s new Credit Facility now in effect, the Deferred Interest Payment is expected to be made to Debentureholders holding Debentures as of a record date to be set and announced by the Corporation in the coming days.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the growth and deleveraging of Crown and its subsidiaries, the monetization of non-core assets, the payment of the Deferred Interest Payment and the record date for the Deferred Interest Payment. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forwardlooking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:

Michael Overvelde Chief Financial Officer michael.overvelde@crowncapital.ca (416) 640-6887

CALGARY, ALBERTA, December 18, 2024 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced that it has set December 30, 2024 (the “Record Date”) as the record date for determining the holders (the “Debentureholders”) of its 11% unsecured subordinated debentures due December 31, 2026 (TSX:CRWN.NT) (the “Debentures”), that will be entitled to receive the outstanding interest payment on the Debentures that was due on June 30, 2024 (the “Deferred Interest Payment”).

The Deferred Interest Payment will be in the amount of $50 per $1,000 principal amount of Debentures, which represents the interest due and unpaid on the Debentures from December 31, 2023 up to, but excluding, June 30, 2024. The Deferred Interest Payment will be made by the Corporation on December 31, 2024.

About Crown Capital Partners (TSX:CRWN) Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the Deferred Interest Payment. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact: Michael Overvelde Chief Financial Officer michael.overvelde@crowncapital.ca (416) 640-6887

CALGARY, November 12, 2024 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced its financial results for the three and nine months ended September 30, 2024. Crown’s complete financial statements and management’s discussion and analysis are available on SEDAR at www.sedarplus.ca.

Q3 2024 Financial & Operating Overview

• Crown recognized a net loss of $(2.7) million ($0.49 loss per basic share) in Q3 2024 compared to a net loss of $(1.8) million ($0.32 loss per basic share) in Q3 2023.
• Adjusted EBITDA1 was $0.8 million in Q3 2024 compared to $0.4 million in Q3 2023 due primarily to improved earnings from the Distribution Services and Network Services segments, partially offset by decreased earnings from the Real Estate, Specialty Finance and Distributed Power segments. For the nine months ended September 30, 2024, Adjusted EBITDA was $4.1 million compared with $3.3 million in the comparable 2023 period, with increased contributions from each of the Distribution Services and Real Estate segments and a reduced Corporate and Other segment loss more than offsetting reduced contributions from the Specialty Finance and Distributed Power segments.
• Distribution services revenue was $9.1 million in Q3 2024 compared to $8.9 million in Q3 2023. This segment reported a net loss before income taxes of $(0.1) million (Q3 2023 – $(0.4) million) and Adjusted EBITDA of $0.5 million (Q3 2023 – $0.3 million), with the year-over-year improvement attributable to the impact of operational efficiencies implemented throughout 2023 and 2024 and to increased capacity utilization across the warehouses. Capacity utilization was 62% at September 30, 2024, compared with 58% at June 30, 2024, 52% at March 31, 2024 and 42% at December 31, 2023.
• Network services revenue was $7.0 million in Q3 2024 compared to $7.8 million in Q3 2023, with the decrease due primarily to the continued runoff of customer contracts from WireIE and the conclusion of a large construction-sector contract in mid-Q2 2023, partially offset by modest growth in revenues from Community Network Partners’s customers located in Brooks, Alberta. This segment reported a net loss before income taxes of $(0.5) million (Q3 2023 – $(1.1) million) and Adjusted EBITDA of $0.4 million (Q3 2023 – $(0.5) million).
• Real Estate segment revenue was $1.1 million in Q3 2024 compared to $1.3 million in Q3 2023, with the decrease over the prior-year quarter attributable primarily to the timing of fee recognition. This segment recorded net income before income taxes of $0.02 million (Q3 2023 – net income before income taxes of $0.3 million) and Adjusted EBITDA of $0.1 million (Q3 2023 – $0.4 million).
• Distributed Power revenue was $0.3 million in Q3 2024 compared to $0.8 million in Q3 2023, with the decrease primarily related to the reclassification of certain power assets as held for sale at the end of 2023 and to the consolidation of the Wilson Creek assets. In addition to softer power prices in the Alberta market, merchant power revenues were lower than expected in the third quarter of 2024 due to the delayed repair of engine coolers, which reduced both available output and runtimes during the period. This segment reported a net loss before income taxes of $(0.3) million (Q3 2023 – net income before income taxes of $0.4 million) and Adjusted EBITDA of $(0.02) million (Q3 2023 – $0.3 million). 2
• The Specialty Finance segment recorded net income before income taxes of $0.2 million (Q3 2023 –$0.2 million), representing Crown’s share of (losses) earnings of Crown Partners Fund, and Adjusted EBITDA of $nil (Q3 2023 – $0.1 million), representing income distributions received from Crown Partners Fund.
• Total equity at quarter-end decreased to $19.7 million from $38.2 million at the end of 2023 due to a net loss attributable to shareholders of $(18.5) million, which was driven primarily by Crown’s share of the loss of Crown Partners Fund of $(15.1) million with the loss attributable to an unrealized loss recognized by the fund during the period in respect of a loan investment carried at fair value through profit or loss. Total equity per share decreased to $3.52 per basic share from $6.84 per basic share as at December 31, 2023.
• Since September 30, 2023, Crown has not satisfied certain financial covenant clauses of its credit agreement with its bank. Accordingly, the bank is contractually entitled to request immediate repayment of the outstanding loan in the amount of $14.4 million as of November 12, 2024 and the outstanding balance of $23.9 million as at September 30, 2024 is presented as a current liability. On October 11, 2024, the credit agreement was amended to terminate the $5 million operating loan portion of the credit facility on full repayment on or before October 15, 2024 and to revise the maturity date of the term loan portion of the credit facility to December 31, 2024. The operating loan portion of the credit facility was repaid in full on October 11, 2024. Management is currently in discussions with lenders regarding replacing its current credit facility, however, there is no assurance that such arrangements will become available.
• As of November 12, 2024, the Corporation had not paid the scheduled interest payment of $1.0 million due on June 30, 2024 in respect of the 10% unsecured subordinated debentures (“Debentures”). Since July 31, 2024, this has constituted an event of default under the terms of the trust indenture that governs the Debentures. On October 18, 2024, the holders of the Debentures approved amendments to the terms of the Debentures to extend the maturity date to December 31, 2026, to amend the interest rates and timing of interest payments and to grant security interest to the trustee for the Debentures. The holders of the Debentures also agreed to waive the default of the Corporation for failure to make the June 30, 2024 interest payment, subject to the Corporation paying such interest by December 17, 2024.
• As of November 12, 2024, the Corporation had not paid the scheduled interest payment of $0.04 million due on June 30, 2024 in respect of the 10% redeemable secured subordinated debentures (“Subordinated Debentures”). This constitutes an event of default, but the holders of the Subordinated Debentures have not requested immediate repayment.
• In Q3 2024, Crown’s subsidiary, Community Network Partners, received a grant funding payment of $20.3 million for the completion of the second sublot related to its fibre network under the Province of Ontario’s Accelerated High-Speed Internet Program.

“We continue to advance our operating subsidiaries in the third quarter while dealing with the restructuring of the Corporation’s balance sheet, including the paydown of the senior loans and extension of the debentures. We are making progress in monetizing the Corporation’s assets which will be used to pay down debt,” said Chris Johnson, President and CEO of Crown. “We are pleased with the performance of our operating subsidiaries, most significant is the progress Community Network Partners is making with its contract to build fibre optic networks in Northern Ontario. This is a very large undertaking and will result in Community Network Partners owning and operating the only fibre optic network in the communities we are building in,” added Mr. Johnson. 3

Q3 2024 Financial Results Summary

Quarterly reconciliations of loss before income taxes to Adjusted EBITDA

Reconciliations of (loss) income before income taxes to Adjusted EBITDA by operating segment

1 Adjusted EBITDA is not a measure of financial performance (nor does it have a standardized meaning) under IFRS. In evaluating this measure, investors should consider that the methodology applied in calculating these measures might differ among companies and analysts. The Corporation has provided a reconciliation of loss before income taxes attributable to Shareholders to Adjusted EBITDA in this news release. Amounts in respect of non-controlling interests are excluded in the calculation of Adjusted EBITDA. We believe that Adjusted EBITDA is a useful supplemental measure in the context of Crown’s operations to assist investors in assessing the performance of our business as it provides a more relevant picture of operating results by facilitating a comparison of our performance on a consistent basis from period-to-period and provides a more complete understanding of factors and trends affecting our business. Adjusted EBITDA should not be considered as the sole measure of Crown’s performance and should not be considered in isolation from, or as a substitute for, analysis of the Corporation’s financial statements.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the distribution services market, the network services market and the general economy, Crown’s business plans and strategy, including anticipated investment dispositions and capital deployments and the timing thereof, anticipated refinancing activity and Crown’s future earnings. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact: Michael Overvelde Chief Financial Officer investor.relations@crowncapital.ca (416) 640-6887

CALGARY, ALBERTA, October 25, 2024 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced that the amendments (the “Debenture Amendments”) to its 10% unsecured subordinated debentures due December 31, 2024 (the “Debentures”) which were announced by Crown on October 18, 2024 have become effective today.

Crown has entered into an amended and restated trust indenture dated today with TSX Trust Company governing the amended Debentures (the “Amended and Restated Indenture”). A copy of the Amended and Restated Indenture is located on the Corporation’s profile on SEDAR+ at www.sedarplus.ca. 

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca. 

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:

Michael Overvelde Chief Financial Officer michael.overvelde@crowncapital.ca (416) 640-6887

CALGARY, ALBERTA, October 18, 2024 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced that at a special meeting of the holders (the “Debentureholders”) of its 10% unsecured subordinated debentures due December 31, 2024 (the “Debentures”) held today, the Debentureholders approved an extraordinary resolution (the “Debentureholder Resolution”) that:

1. authorized and approved certain amendments to the terms of the Debentures (collectively, the “Debenture Amendments”) to: (i) extend the maturity date of the Debentures from December 31, 2024 to December 31, 2026; (ii) amend the interest rate on the Debentures from 10% to 11% effective as of October 25, 2024, and from 11% to 12% effective as of December 31, 2025; (iii) amend the interest payment dates from occurring semi-annually on June 30 and December 31 of each year to occurring annually on December 31 of each year, with the next payment to occur effective December 31, 2025 for the interest accrued on the Debentures from June 30, 2024 up to, but excluding, December 31, 2025, Accordingly, at the next interest payment date on December 31, 2025, Debentureholders will be entitled to receive interest calculated at 10% for the period from June 30, 2024 up to, but excluding, October 25, 2024, and 11% for the period from October 25, 2024 up to, but excluding, December 31, 2025; and (iv) grant a security interest to TSX Trust Company (the “Indenture Trustee”), as trustee for the Debentures, for the repayment of the Debentures by way of a charge to and in favor of the Indenture Trustee on all the Corporation’s property and assets, subject only to Permitted Encumbrances (as defined in the second amended and restated trust indenture attached as Schedule “B” of the management information circular dated September 10, 2024 (the “Amended Indenture”)). Such security will be subordinate to Senior Security (as defined in the Amended Indenture) and rank pari passu with any Pari Passu Debt (as defined in the Amended Indenture). In addition, the amount of Senior Indebtedness (as defined in the Amended Indenture) permitted to be incurred by the Corporation ranking in priority to the Debentures will be limited to no more than $30,000,000; and 

1. waived the default by the Corporation under the Indenture for the failure to make the interest payment on the Debentures (the “Deferred Interest Payment”) due on June 30, 2024 (the “Default Waiver”), subject to the requirement that the Corporation make the Deferred Interest Payment to Debentureholders within 60 days of the approval of Debentureholder Resolution (the “Deferred Interest Payment Deadline”). 

A description of the Debentureholder Resolution is set out in the Corporation’s management information circular dated September 10, 2024 and available under the Corporation’s profile on SEDAR+ at www.sedarplus.ca.

Debentureholders owning 45.940% of the outstanding Debentures voted. The detailed results of the vote were as follows:

Any Debentureholder that voted for the Debenture Amendments will receive a cash consent fee of $10 per $1,000 principal amount of Debentures held by the Debentureholder as of September 5, 2024.

The effective date of the Debenture Amendments will be on or about October 25, 2024. Crown will enter into a second amended and restated trust indenture to the current trust indenture between TSX Trust Company governing the Debentures to give effect to the Debenture Amendments.

The Deferred Interest Payment will be made to Debentureholders holding Debentures as of a record date to be set and announced by the Corporation in the coming weeks. No record date or payment date for the Deferred Interest Payment has been set by the Corporation. The amount and timing of such Deferred Interest Payment will be disclosed by the Corporation in a future press release. In the event that the Deferred Interest Payment is not made by the Deferred Interest Payment Deadline, the Default Waiver will be of no further force or effect. 

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca. 

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the Debenture Amendments, Default Waiver and the Deferred Interest Payment. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact: Michael Overvelde Chief Financial Officer michael.overvelde@crowncapital.ca (416) 640-6887

• Any Debentureholder that votes for the Debentureholder Resolution will receive a cash consent fee of $10 per $1,000 principal amount of Debentures held by the Debentureholder. • The deadline to submit vote is October 16, 2024, on or before 10:00 a.m. (Eastern Time).

CALGARY, September 16, 2024 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced that it has mailed an information circular (the “Circular”) and related meeting materials (collectively, the “Meeting Materials”) in connection with the upcoming special meeting of the holders (the “Debentureholders”) of its 10% unsecured subordinated debentures due December 31, 2024 (the “Debentures”) to be held at the offices of the Corporation, 33 Yonge Street, Suite 901, Toronto, ON, M5E 1G4, on October 18, 2024 at 10:00 a.m. (Eastern Time) (the “Meeting”).

As previously announced by Crown, at the Meeting, Debentureholders will be asked to consider and vote upon a resolution (the “Debentureholder Resolution”) that, if approved, would:

1. authorize and approve certain amendments (the “Initial Debenture Amendments”) to the terms of the Debentures to: (i) extend the maturity date of the Debentures from December 31, 2024 to December 31, 2026; (ii) amend the interest rate on the Debentures from 10% to 11% effective a minimum of five trading days following the approval of the Debentureholder Resolution and from 11% to 12% effective as of December 31, 2025; and (iii) amend the interest payment dates from occurring semi-annually on June 30 and December 31 of each year to occurring annually on December 31 of each year, with the next payment to occur effective December 31, 2025 for the interest accrued on the Debentures from June 30, 2024 up to, but excluding, December 31, 2025; and

2. waive the default by the Corporation under the Indenture for the failure to make the interest payment on the Debentures (the “Deferred Interest Payment”) due on June 30, 2024 (the “Default Waiver”), subject to the requirement that the Corporation make the Deferred Interest Payment to Debentureholders within 60 days of the approval of Debentureholder Resolution (the “Deferred Interest Payment Deadline”). The Deferred Interest Payment will be made to Debentureholders holding Debentures as of a record date to be set by the Corporation following the Meeting. In the event that the Deferred Interest Payment is not made by the Deferred Interest Payment Deadline, the Default Waiver will be of no further force or effect.

In addition to the Initial Debenture Amendments, the Corporation has determined to further amend the terms of the Debentures (the “Additional Debenture Amendment” and, together with the Initial Debenture Amendments, the “Debenture Amendments”) to grant a security interest to TSX Trust Company (the “Indenture Trustee”), as trustee for the Debentures, for the repayment of the Debentures by way of a charge to and in favor of the Indenture Trustee on all the Corporation’s property and assets, subject only to Permitted Encumbrances (as defined in the second amended and restated trust indenture attached on Schedule “B” of the Circular (the “Amended Indenture”)). Such security shall be subordinate to Senior Security (as defined in the Amended Indenture) and rank pari passu with any Pari Passu Debt (as defined in the Amended Indenture). In addition, the amount of Senior Indebtedness (as defined in the Amended Indenture) permitted to be incurred by the Corporation ranking in priority to the Debentures shall be limited to no more than $30,000,000.

If the Debentureholder Resolution is approved, the board of directors of the Corporation believe that the Debenture Amendments and Default Waiver will provide the following benefits to Debentureholders:

1. Payment of Deferred Interest Payment: The Corporation believes that the extension of the maturity date will allow it to be in a better position to pay the Deferred Interest Payment to the Debentureholders by the Deferred Interest Payment Deadline.

2. Improved Security for the Debentures. The Debentures shall be granted a security interest by the Corporation by way of a charge to and in favor of the Indenture Trustee on all the Corporation’s property and assets, subject only to Permitted Encumbrances. The Debentures shall be subordinate to Senior Security and rank pari passu with any Pari Passu Debt. The amount of Senior Indebtedness (as defined in the Amended Indenture) permitted to be incurred by the Corporation ranking in priority to the Debentures shall be limited to no more than $30,000,000.

3. Extension of Maturity Date: The extension of the maturity date will afford Debentureholders a longer period of time during which to receive interest at a favourable rate and will provide the Corporation with additional time to fund the repayment of the Debentures from the proceeds of asset sales or otherwise.

4. Increased Interest Rate: Increasing the interest rate from 10% to 11% effective a minimum of five trading days following the approval of the Debentureholder Resolution and from 11% to 12% effective December 31, 2025 provides a more attractive yield to Debentureholders.

5. Consent Fee: Any Debentureholder that votes for the Debenture Amendments will receive a cash consent fee (the “Consent Fee”) of $10 per $1,000 principal amount of Debentures held by that Debentureholder as of September 5, 2024 (the “Record Date”) provided that certain other conditions required for the payment of the Consent Fee are satisfied, including the Debenture Amendments are validly approved by Debentureholders.

The effective date of the Debenture Amendments will be a minimum of five trading days following the approval of the Debentureholder Resolution. Further particulars of the expected benefits of the Debenture Amendments and Default Waiver are described in the Circular, which is available under the Corporation’s profile on SEDAR+ at www.sedarplus.ca.

The Debentureholder Resolution will only be effective if passed by an extraordinary resolution of the holders of at least 66 ⅔% of the principal amount of the Debentures present in person or by proxy at the Meeting and entitled to vote in respect of the Debentureholder Resolution. Management recommends that Debentureholders vote in favor of the Debentureholder Resolution.

The TSX has conditionally approved the Debenture Amendments. The Debenture Amendments remain subject to the final approval of the TSX.

Debentureholders may vote on or before 10:00 a.m. (Eastern Time) on October 16, 2024 by following the voting instructions set out in the Circular. Only Debentureholders of record at the close of business on the Record Date will be entitled to vote at the Meeting.

Debentureholder Questions

Debentureholders who have any questions or require assistance with voting may contact Michael Overvelde, the Chief Financial Officer of the Corporation as set forth below.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the Debenture Amendments, the Default Waiver, the anticipated payment of the Deferred Interest Payment, the timing and value of potential asset sales, and management’s intended uses of the proceeds of asset sales. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:

Michael Overvelde Chief Financial Officer michael.overvelde@crowncapital.ca (416) 640-6887

CALGARY, August 29, 2024 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced that it will seek the approval of the holders (the “Debentureholders”) of its 10% unsecured subordinated debentures of the Corporation due December 31, 2024 (the “Debentures”) for a resolution (the “Debentureholder Resolution”) at a special meeting of the Debentureholders to be held at the offices of the Corporation, 33 Yonge Street, Suite 901, Toronto, ON, M5E 1G4, on October 18, 2024 at 10:00 a.m. (Eastern Time) (the “Meeting”).

If approved by Debentureholders at the Meeting, the Debentureholder Resolution would:

1. authorize and approve certain amendments to the Corporation’s amended and restated trust indenture dated June 30, 2023 between the Corporation and TSX Trust Company (the “Indenture”) to: (i) extend the maturity date of the Debentures from December 31, 2024 to December 31, 2026; (ii) amend the interest rate on the Debentures from 10% to 11% effective a minimum of five trading days following the approval of the Debentureholder Resolution and from 11% to 12% effective as of December 31, 2025; and (iii) amend the interest payment dates from occurring semi-annually on June 30 and December 31 of each year to occurring annually on December 31 of each year, with the next payment to occur effective December 31, 2025 for the interest accrued on the Debentures from June 30, 2024 up to, but excluding, December 31, 2025; and

2. waive the default by the Corporation under the Indenture for the failure to make the interest payment on the Debentures (the “Deferred Interest Payment”) due on June 30, 2024 (the “Default Waiver”), subject to the requirement that the Corporation make the Deferred Interest Payment to Debentureholders within 60 days of the approval of Debentureholder Resolution (the “Deferred Interest Payment Deadline”). The Deferred Interest Payment will be made to Debentureholders holding Debentures as of a record date to be set by the Corporation following the Meeting. In the event that the Deferred Interest Payment is not made by the Deferred Interest Payment Deadline, the Default Waiver will be of no further force or effect.

The board of directors of the Corporation believe that the Debenture Amendments and Default Waiver provide the following advantages:

1. Payment of Deferred Interest Payment: The Corporation believes that the extension of the maturity date will allow it to be in a better position to pay the Deferred Interest Payment to the Debentureholders by the Deferred Interest Payment Deadline.

2. Extension of Maturity Date: The extension of the maturity date will afford Debentureholders a longer period of time during which to receive interest at a favourable rate and will provide the Corporation with additional time to fund the repayment of the Debentures from the proceeds of asset sales or otherwise.

3. Increased Interest Rate: Increasing the interest rate from 10% to 11% effective a minimum of five trading days following the approval of the Debentureholder Resolution and from 11% to 12% effective December 31, 2025 provides a more attractive yield to Debentureholders.

4. Consent Fee: Any Debentureholder that votes for the Debenture Amendments will receive a cash consent fee (the “Consent Fee”) of $10 per $1,000 principal amount of Debentures held by that Debentureholder as of September 5, 2024 (the “Record Date”) provided that certain other conditions required for the payment of the Consent Fee are satisfied, including the Debenture Amendments are validly approved by Debentureholders and the Toronto Stock Exchange (the “TSX”).

Prior to the Deferred Interest Payment Deadline, provided that the Debentureholder Resolution is approved, the Corporation intends to undertake a private placement financing in order to obtain the funds to make the Deferred Interest Payment. There can be no assurance that such private placement financing will be completed by the Corporation prior to the Deferred Interest Payment Deadline.

The effective date of the Debenture Amendments will be a minimum of five trading days following the approval of the Debentureholder Resolution. Further particulars of the expected benefits of the Debenture Amendments and Default Waiver will be described in the management information circular of the Corporation relating to the Meeting (the “Circular”), which will be available under the Corporation’s profile on SEDAR+ at www.sedarplus.ca and which will be mailed to Debentureholders in the coming weeks.

The Debentureholder Resolution will only be effective if passed by an extraordinary resolution of the holders of at least 66 ⅔% of the principal amount of the Debentures present in person or by proxy at the Meeting and entitled to vote in respect of the Debentureholder Resolution.

Debentureholders may vote on or before 10:00 a.m. (Eastern Time) on October 16, 2024 by following the voting instructions set out in the Circular. Only Debentureholders of record at the close of business on the Record Date will be entitled to vote at the Meeting.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the Debenture Amendments, the Default Waiver, the anticipated payment of the Deferred Interest Payment, the consequences of the Debentureholder Resolution not being approved by Debentureholders, the timing and value of potential asset sales, and management’s intended uses of the proceeds of asset sales. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forwardlooking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:

Michael Overvelde Chief Financial Officer michael.overvelde@crowncapital.ca (416) 640-6887