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.'s Marret High Yield Strategies Fund and Marret Multi-Strategy Income Fund will take a full writedown of 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 all classes of MHY and MMF on Dec. 22, 2023, will decrease to $0.00.

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. and three other related entities also filed for insolvency protection. The writedown reflects the decreased likelihood of any recovery from the bankruptcy process and the intention of virtually all of Cline's stakeholders to wind up the corporation.

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 (TSX: CIX) has a 65-per-cent ownership stake in Marret.

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