Tranche Update on Pure Cycle Corporation's Equity Buyback Plan announced on November 17, 2022.

Pure Cycle Corporation is a diversified land and water resource development company. The Company is a wholesale water and wastewater service provider that develops land it owns into master-planned communities. The Company operates through three business segments: Wholesale Water and Wastewater Services, Land Development and Single-Family Rental. Water and Wastewater Resource Development segment provides water and wastewater services to customers. The Land Development segment includes all the activities necessary to develop and sell finished lots. The Single-Family Rentals segment constructs and leases single-family homes in its Sky Ranch neighborhood. It provides wholesale water and wastewater services to local governmental entities that in turn provide residential and commercial water and wastewater services to customers in their communities. It has a network of wholesale water production, storage, treatment and distribution systems, and wastewater collection and treatment systems.