Jamieson Wellness Inc. Closes Previously Announced Partnership with DCP Capital

Jamieson Wellness Inc. ("Jamieson Wellness" or the "Company") (TSX:JWEL) announced today that it has closed its previously announced agreement to partner with DCP Capital ("DCP") pursuant to which DCP has contributed $47.4 million ($35 million in USD) in capital in exchange for a 33% interest in the Company's Chinese operations. In conjunction with this investment, DCP has also completed its previously announced subscription for approximately $101.6 million ($75 million in USD) of preferred shares of the Company and warrants to purchase 2,527,121 common shares of the Company at an exercise price of $40.19. This represents a 10% premium to the 20-day volume weighted average common share price as of the signing of the subscription agreement on February 23, 2023.

This partnership with DCP is another significant step forward in the Company's growth plans in its fastest growing market. Earlier this month, the Company announced its acquisition of the operating assets of its previous distribution partner in China, providing it full control of the value chain and the ability to directly connect with Chinese consumers. DCP will support this new owned operations model by leveraging its deep experience and knowledge of the Chinese market to expedite growth.

"DCP has decades of experience building international brands in China," said Mike Pilato, President and CEO of Jamieson Wellness. "We have already established the Jamieson brand at an impressive base position in this market and believe that with DCP's partnership, it is perfectly positioned for accelerated growth. DCP's partnership will support our expanding infrastructure and marketing plans for the Chinese market, as well as the overall growth aspirations of Jamieson Wellness, globally.

We could not ask for a better partner to join us on this journey. We look forward to leveraging the expertise that DCP brings to the table and are excited to work together to realize our opportunities in the world's second largest VMS market."

"We know that the Jamieson brand fits the key purchase attributes of the Chinese consumer, making it a natural candidate for growth," said Hwan Chung, Managing Director of DCP. "We have a long track record of building successful international brands in China, and strong operational expertise in this complex market. We believe our skill set perfectly complements Jamieson's capabilities and will be instrumental in helping the Company reach the Chinese consumer under the new operating model."

China is the second largest vitamin market worldwide at approximately $30 billion USD with significant annual growth ¹ . The Company expects to see revenues of $47-$50 million in the country in fiscal year 2023, representing an annual growth rate of 65-75%, which includes the impact of the Company's direct to customer sales under its new owned-distribution model.

¹ Euromonitor International, 2022. Figure in USD.

Advisors

Nomura Securities International, Inc. served as financial advisor and McCarthy Tétrault LLP and Morrison & Foerster LLP served as legal advisors to the Company.

CG/Sawaya Partners (operating under Canaccord Genuity) and Solomon Partners served as financial advisors and Cleary Gottlieb Steen & Hamilton LLP and Stikeman Elliott LLP served as legal advisors to DCP.

About Jamieson Wellness Inc.

Jamieson Wellness is dedicated to improving the world's health and wellness with its portfolio of innovative natural health brands. Established in 1922, Jamieson is the Company's heritage brand and Canada's #1 consumer health brand. Jamieson Wellness also offers a variety of VMS products under its youtheory, Progressive, Smart Solutions, Iron Vegan and Precision brands. The Company is a participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business. For more information please visit www.jamiesonwellness.com .

About DCP Capital

DCP Capital is a leading international private equity firm founded by experienced private equity investors in Greater China. The DCP team previously led KKR and Morgan Stanley's private equity businesses in Asia, with an outstanding long-term track record across multiple economic cycles. DCP is supported by a diverse group of world-class long-term institutional investors, including leading sovereign wealth funds, pension funds, endowments, family offices and funds of funds around the globe. Over the past three decades, the DCP team has led a number of successful transactions and nurtured numerous industry leaders in China such as Ping An Insurance, Mengniu Dairy, Haier Appliances, China International Capital Corp, Oriental Yuhong Building Material, Dongbao Pharmaceutical, Venus Medtech, 51 jobs, AAC Dairy, Simple Love Yogurt, Nanfu Battery, COFCO Joycome, Sunner Poultry, Far East Horizon, Hengan Intl., Belle, Modern Dairy, and United Envirotech. Combining its global investment experience and extensive local network, the DCP team has accumulated deep industry knowledge and strong operational capabilities. As a disciplined and operationally focused investor, DCP is committed to building long-term, win-win partnerships with portfolio companies and supporting value creation initiatives.

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes, but is not limited to, statements related to the Company's plans to expedite growth and expand in China and the Company's expected revenue growth.

Words such as "expected", "anticipate", "intend", "may", "will", "believe", "estimate" and variations of such words and similar expressions are intended to identify such forward-looking information. This information reflects the Company's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 30, 2023 and under the "Risk Factors" section in the management's discussion and analysis of financial condition and results of operations of the Company filed May 4, 2023 (the "MD&A"). This information is based on the Company's reasonable assumptions and beliefs in light of the information currently available to it and the statements are made as of the date of this press release. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law or regulatory authority.

The Company cautions that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect the Company's results. Readers are urged to consider the risks, uncertainties and assumptions associated with these statements carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. See "Forward-looking Information" and "Risk Factors" within the MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements.

Investor and Media Contact:

Ruth Winker
Jamieson Wellness
416-705-5437
rwinker@jamiesonlabs.com

Source: Jamieson Wellness Inc.