VOTING TRUST AND LOCK-UP AGREEMENT BETWEEN ERIC BOYKO AND CERTAIN MEMBERS OF THE STEELE FAMILY EXPIRES

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES/

MONTREAL, March 27, 2024 /CNW/ - Eric Boyko ("EB"), President, Chief Executive Officer and co-founder of Stingray Group Inc. ("Stingray"), announces that as a result of the expiration on March 27, 2024 of the Voting Trust and Lock-Up Agreement entered into as of October 26, 2018 between EB and certain members of the Steele Family and their affiliates in connection with the acquisition of Newfoundland Capital Corporation Limited by Stingray in 2018, EB no longer possesses voting control over the 3,414,159 subordinate voting shares of Stingray ("Subordinate Voting Shares") held by certain members of the Steele Family (the "Voting Trust Shares").  The Voting Trust Shares represent approximately 6.76% of the total Subordinate Voting Shares outstanding, approximately 4.96% of the total shares outstanding of Stingray and approximately 1.48% of the total voting rights outstanding of Stingray (all percentages as at February 29, 2024).

Prior to the expiration of the Voting Trust and Lock-Up Agreement, EB had control over 12,941,498 multiple voting shares of Stingray ("Multiple Voting Shares") and 4,965,711 Subordinate Voting Shares, representing approximately 26.02% of the total shares outstanding of Stingray and approximately 58.35% of the total voting rights outstanding of Stingray (all percentages as at February 29, 2024).

Immediately after the expiration of the Voting Trust and Lock-Up Agreement, EB has control over 12,941,498 Multiple Voting Shares and 1,551,552 Subordinate Voting Shares, representing approximately 21.06% of the total shares outstanding of Stingray and approximately 56.87% of the total voting rights outstanding of Stingray (all percentages as at February 29, 2024).

Depending upon market conditions and other factors, EB, or companies controlled by EB, may from time to time acquire or dispose of additional shares of Stingray, in the open market, by private agreement or otherwise, or acquire interests in or enter into related financial instruments involving a security of Stingray.

The head office address of Stingray is 730 Wellington Street, Montréal, Québec  H3C 1T4.

For further information or to obtain a copy of the Early Warning Report filed by EB, please contact Lloyd Perry Feldman at (514) 664-1244 (ext. 2428).

SOURCE Eric Boyko