May 2, 2023

SOL Global Announces Financial Results for Fiscal 2022 and First Quarter 2023

TORONTO, May 2, 2023 – SOL Global Investments Corp. (“SOL Global” or the “Company”) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) today reported audited financial results for the year ended November 30, 2022 and first quarter financial results for the three months ended February 28, 2023. The Company
is also pleased to present a general operational update regarding its assets and investments. All figures in this press release are in Canadian dollars, unless otherwise indicated.

Unaudited Q1 FY 2023 Results
• For the quarter-ended February 28, 2023, the Company recorded a net loss of $11 million vs. quarter-ended February 28, 2022, net loss of $75 million. This represents a favourable change of $64 million.
• Total unrealized loss from investments totalled $7 million for the quarter-ended February 28, 2022, compared to an unrealized loss of $93 million for the quarter-ended February 28, 2022. This represents a favourable change of $86 million between periods.
• Total realized loss from investments totalled $6 million for the quarter-ended February 28, 2022, compared to a realized gain of $11 million for the quarter-ended February 28, 2022. This represents an unfavourable change of $17 million between periods.
• The unaudited Net Asset Value (“NAV”) per share is equal to $0.91 at February 28, 2023, vs. $5.14 at February 28, 2022.

“SOL remains confident in its core holdings and continues to be committed in evaluating opportunities in the market.” said Paul Kania, CFO and Interim CEO. “Signs of stability have allowed us to better assess these opportunities, with de-leveraging our balance sheet being our underlying focus.”

Audited Year-End Results
• For the year-ended November 30, 2022, the Company recorded a net loss of $297 million vs. year-ended November 30, 2021, positive net income of $159 million. This represents an unfavourable change of $456 million.
• Total unrealized loss from investments totaled $204 million for the year-ended November 30, 2022, compared to an unrealized loss of $32 million for the year-ended November 30, 2021. This represents an unfavourable change of $172 million between periods.
• Total realized loss from investments totaled $33 million for the year-ended November 30, 2022, compared to a realized gain of $339 million for the year-ended November 30, 2021. This represents an unfavourable change of $372 million between periods. This was mainly due to Verano Holdings Corp position sold in 2021.
• The Net Asset Value (“NAV”) per share is equal to $1.17 at November 30, 2022 vs. $6.29 at November 30, 2021.

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