Mr. William Ollerhead reports

CUSPIS CAPITAL II LTD. AND PENINSULA CAPITAL CORP. ANNOUNCE EXPIRY OF LETTER OF INTENT

The previously announced letter of intent of Cuspis Capital II Ltd. and Peninsula Capital Corp., a real estate company focused on the acquisition and management of a portfolio of single-family rental properties, has lapsed. They have mutually agreed not to extend or renew the LOI between the parties. Please refer to the Cuspis Capital II press releases of June 7, 2022, and Dec. 15, 2022, for more information on the LOI, the previously announced extension and the transaction(s) that had been contemplated thereby.

Cuspis Capital II continues to evaluate other opportunities and candidates for the completion of a qualifying transaction as described by Policy 2.4 of the TSX Venture Exchange. Cuspis Capital II currently has a net cash balance of approximately $1.6-million. Trading of Cuspis Capital II's common shares on the exchange is expected to resume within five business days of the date of this release.

"In light of certain delays and of our objectives in meeting certain milestones prior to going public, we recognize that our respective timing objectives have diverged. We appreciate the patience of Cuspis and its team, and may yet seek an opportunity to re-engage with them in some manner," said Michael Appelton, chief executive officer, Peninsula.

"We remain interested in Peninsula's business and believe it is a compelling growth story, but in the interests of aligning our efforts with our shareholders' expectations, we will explore other opportunities while Peninsula works to achieve its near-term business objectives," said William Ollerhead, chief executive officer, Cuspis Capital II.

We seek Safe Harbor.