Ms. Kathleen Cooney reports

MARRET ASSET MANAGEMENT ANNOUNCES WRITE-DOWN OF PRIVATE PORTFOLIO OF MARRET HIGH YIELD STRATEGIES FUND AND MARRET MULTI-STRATEGY INCOME FUND

Marret Asset Management Inc. today noted that Marret High Yield Strategies Fund (MHY) (CSE: MHY.UN) and Marret Multi-Strategy Income Fund (MMF) (CSE: MMF.UN) will take a 50-per-cent writedown in the value of securities held in Cline Mining Corp.

Cline is the main asset of MHY and MMF. As a result of the writedown, the net asset value per unit of MHY on July 14, 2023, will decrease approximately from 25.22 cents to 12.56 cents or by 12.66 cents per unit, the net asset value per Class A unit of MMF on July 14, 2023, will decrease approximately from 10.17 cents to 0.88 cent or by 9.29 cents per Class A unit, and the net asset value per Class F unit of MMF on July 14, 2023, will decrease approximately from 10.92 cents to 0.95 cent or by 9.97 cents per Class F unit.

New Elk Coal Company LLC (NECC) filed for Chapter 11 protection on Feb. 21, 2023. NECC is the issuer of the secured notes held by Cline. In addition to NECC, its parent company Allegiance Coal Ltd. (AHQ) and three other related entities also filed for insolvency protection. The writedown reflects NECC's mine transitioning from a continuing operation to care and maintenance, which is likely to result in the liquidation of the assets of NECC as opposed to the sale of the mine as a going concern.

About Marret Asset Management

Marret Asset Management is a specialist fixed-income manager. With mandates in investment grade credit, short-term cash alternatives, high-yield and opportunistic distressed securities, Marret's focus is on achieving positive absolute returns with emphasis on risk management. CI Financial Corp. (TSX: CIX) has a 65-per-cent ownership stake in Marret.

We seek Safe Harbor.