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 High Yield Strategies Fund (MHY) and Marret Multi-Strategy Income Fund (MMF) will take a 57-per-cent writedown in the value of securities held in Cline Mining Corp. Cline is the main asset of Marret High and Marret Multi-Strategy. As a result of the writedown, the net asset value per unit of Marret High on Oct. 13, 2023, will decrease from 12.46 cents to 0.94 cent or by 11.52 cents per unit, the net asset value per Class A unit of Marret Multi-Strategy on Oct. 13, 2023, will decrease from 0.4 cent to nil or by 0.4 cent per Class A unit and the net asset value per Class F unit of Marret Multi-Strategy on Oct. 13, 2023, will decrease from 0.43 cent to nil or by 0.43 cent 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 (NECC notes). In addition to NECC, its parent company Allegiance Coal Ltd. (AHQ) and three other related entities also filed for insolvency protection. The writedown reflects the increased uncertainty of future cash flows to Cline from the NECC notes.

About Marret Asset Management Inc.

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. has a 65-per-cent ownership stake in Marret.

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