D AND Z MEDIA ACQUISITION CORP. ANNOUNCES INCREASED CONTRIBUTIONS TO TRUST ACCOUNT IN CONNECTION WITH PROPOSED EXTENSION

ATLANTA, Dec. 15, 2022

If the requisite proposals are approved at the Special Meeting and the Extension is implemented, the Sponsor or its designees will deposit into the trust account as a loan (a "Contribution", and the Sponsor or its designee making such Contribution, a "Contributor"), on the Original Termination Date, the lesser of (w) $255,000 or (x) $0.15 per public share multiplied by the number of public shares outstanding on the Original Termination Date, and on each of April 28, 2023 and the 28th day of each subsequent calendar month until the Extended Date, the lesser of (y) $85,000 or (z) $0.05 per public share multiplied by the number of public shares outstanding on such applicable date, provided that no Contribution will be made for the period from October 28, 2023 to October 31, 2023, if applicable (each date on which a Contribution is to be deposited into the trust account, a "Contribution Date").

The Company has not asked the Sponsor to reserve for, nor has the Company independently verified whether the Sponsor will have sufficient funds to satisfy, any such Contributions. If a Contributor fails to make a Contribution by an applicable Contribution Date, the Company will liquidate and dissolve as soon as practicable after such date and in accordance with the Company's charter. The Contributions will be evidenced by a non-interest bearing, unsecured promissory note and will be repayable by the Company upon consummation of an initial business combination. If the Company does not consummate an initial business combination by the Extended Date, any such promissory notes will be repaid only from funds held outside of the trust account or will be forfeited, eliminated or otherwise forgiven. Any Contribution is conditioned on the approval of the requisite proposals at the Special Meeting and the implementation of the Extension. No Contribution will occur if such proposals are not approved or the Extension is not implemented. If the Company has consummated an initial business combination or announced its intention to wind up prior to any Contribution Date, any obligation to make Contributions will terminate. The above terms supersede any prior arrangement with respect to any Contributions.

Additionally, if the Extension is implemented, the Company plans to liquidate the U.S. government treasury obligations or money market funds held in the trust account and thereafter to maintain the funds in the trust account in cash in an interest-bearing demand deposit account at a bank. Interest on such deposit account is currently 2.5% per annum, but such deposit account carries a variable rate and the Company cannot assure you that such rate will not decrease or increase significantly.

Further information related to attendance, voting and the proposals to be considered and voted on at the Special Meeting is described in the definitive proxy statement related to the Special Meeting filed by the Company with the Securities and Exchange Commission (the "SEC") on November 15, 2022 (the "Definitive Proxy Statement").

About D and Z Media Acquisition Corp.

D and Z Media Acquisition Corp. is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Although the Company's search for a target business is not limited to a particular industry or geographic region, it has initially focused on companies related media, education technology (ed-tech) and other related industries. The Company's management team includes Betty Liu (Chairman, President and CEO) and Mark Wiltamuth (CFO). Intercontinental Exchange (NYSE: ICE) and Navigation Capital Partners, Inc. are members of the Sponsor.