Engine Capital Announces Deposit of Proxies Showing a Majority of Dye & Durham’s Shares Voted to Elect Engine’s Six Nominees to the Company’s Board

Discloses that Over 63% of Dye & Durham’s Outstanding Shares Voted on Engine’s Blue Proxy With a Majority of All Outstanding Shares Voting FOR Engine’s Slate

Engine Capital LP (together with its affiliates, "Engine" or "we"), which owns approximately 7.1% of the issued and outstanding common shares of Dye & Durham Limited (TSX: DND) ("Dye & Durham" or the "Company"), today announced that more than 63% of Dye & Durham’s outstanding shares have voted on Engine’s Blue Proxy Card with a majority of the outstanding shares voting in favor of each of Engine’s six nominees. Based on the proxies deposited with the Company today, once Engine casts its ballots at the December 17th Annual Meeting, Engine expects that its entire slate will be elected.

Arnaud Ajdler, Founder and Portfolio Manager of Engine, issued the following statement:

“Based on the Blue proxies deposited with Dye & Durham today, all six of Engine’s nominees will receive more than 50% of the votes to be cast at the Annual Meeting. We thank shareholders for their overwhelming support and hope to work with Chair Colleen Moorehead to effectuate a smooth transition that will enable the new Board to start partnering with the Company’s terrific employees to serve its customers and enhance value.”

The proxy tabulations announced by Engine are not final vote tallies as the actual voting will take place at the December 17th meeting, with final votes tabulated by the Company’s scrutineers for the meeting. The final results of the 2024 Annual Meeting will be filed by Dye & Durham on SEDAR+ (www.sedarplus.ca) following the Annual Meeting on December 17, 2024.

Visit SEDAR+ (www.sedarplus.ca) to review a copy of Engine’s Information Proxy Circular, dated November 29, 2024.

Disclaimer for Forward-Looking Information

Statements contained herein that are not historical facts constitute “forward-looking statements” and “forward-looking information” (together, “forward-looking statements”) within the meaning of applicable securities laws that reflect Engine’s current expectations, assumptions, and estimates of future events, performance and economic conditions. Such forward-looking statements rely on the safe harbor provisions of applicable securities laws. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements and there can be no assurance that any opinion or assumption herein is, or will be proven, correct. Words and phrases such as “anticipate,” “believe,” “create,” “drive,” “expect,” “forecast,” “future,” “growth,” “intend,” “hope,” “opportunity,” “plan,” “confident,” “restore,” “reduce,” “potential,” “proposal,” “unlock,” “upside,” “will,” “would,” and similar words and phrases are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to, statements concerning: the anticipated financial and operating performance of Dye & Durham; anticipated changes to Dye & Durham’s debt levels and financial ratios; the outcome of the Annual Meeting; the release of a transition plan and go-forward strategy; anticipated EBITDA; and achieving organic growth, free cash flow generation and leverage reduction. Such forward-looking statements are not guarantees of future performance or actual results, and readers should not place undue reliance on any forward-looking statement as actual results may differ materially and adversely from forward-looking statements. All forward-looking statements contained herein are made only as of the date hereof, and Engine disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which Engine hereafter becomes aware, except as required by applicable law.

About Engine Capital

Engine Capital LP is a value-oriented special situations fund that invests both actively and passively in companies undergoing change.

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For Investors: Engine Capital LP 212-321-0048 [e-mail]

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