Mr. Keith Halbert reports

TUCKAMORE CAPITAL MANAGEMENT INC. ANNOUNCES THE ADOPTION OF SHAREHOLDER RIGHTS PLAN

As part of Tuckamore Capital Management Inc.'s continuing governance review, the board of directors has terminated the company's existing shareholder rights plan agreement dated July 25, 2014, and has adopted a shareholder rights plan effective Aug. 20, 2014. The objective of the rights plan is to ensure, to the extent possible, that all shareholders of the company are treated equally and fairly in connection with any initiative to acquire control of the company. The company believes that the rights plan preserves the fair treatment of shareholders, conforms to current best Canadian corporate governance practices and is responsive to the guidelines recommended by proxy advisory firms.

The rights plan is not intended to, and will not, prevent a takeover of the corporation. The purpose of the rights plan is to encourage a potential bidder to make a "permitted bid" having terms and conditions designed to meet the objectives of the rights plan or to negotiate the terms of an offer with the board of directors of the corporation. A permitted bid is a takeover bid that is made to all holders of voting shares of the corporation (other than the bidder) by way of a takeover bid circular, prepared in compliance with applicable securities laws, that remains open for acceptance by shareholders of the corporation for 60 days and that satisfies certain other conditions.

The rights plan must be confirmed by shareholders at the company's annual meeting scheduled for Sept. 16, 2014. The Toronto Stock Exchange has deferred its consideration of the adoption of the rights plan until such time as it has been ratified by shareholders of the company.

The company is not aware of any specific takeover bid for the company that has been made or is contemplated.

A complete copy of the rights plan is available upon request. Shareholders wishing to receive a copy of the rights plan should make their request by telephone at 416-775-3796, by e-mail at keith@tuckamore.ca or by mail to Tuckamore Capital Management, 469 King St. West, fourth floor, Toronto, Ont., M5V 1K4, attention: Keith Halbert. A copy of the rights plan is also filed on SEDAR.