Mr. Praveen Gupta reports

CLIFFSIDE CAPITAL LTD. DECLARES QUARTERLY DIVIDEND AND ANNOUNCES REDEMPTION OF CERTAIN UNITS OF SPECIAL PURPOSE LIMITED PARTNERSHIP

Cliffside Capital Ltd.'s board of directors has declared a quarterly cash dividend of 0.25 cent per common share of the company to be paid on Aug. 2, 2022, to holders of common shares of record on July 18, 2022. On an annual basis the distribution represents one cent per common share. The company has designated this dividend as an eligible dividend within the meaning of the Income Tax Act (Canada).

Cliffside also announces that CAR LP I, a private special purpose limited partnership in which the company has a controlling interest, has redeemed for cancellation 1,250 of the outstanding units of CAR LP held by certain of its limited partners, including all such units held by arm's-length parties, for an aggregate redemption price of $1,875,000. The purchase price per unit paid by CAR LP to the vendors was determined through arm's-length negotiations between CAR LP and the vendors.

As a result of the completion of the redemption, Cliffside now owns a 75-per-cent interest in CAR LP, with CanCap Management Inc. (CCMI), a leading consumer loan originator and servicer and a non-arm's-length party of the company, owning the remaining 25 per cent of CAR LP. As previously disclosed, CAR LP was formed in July, 2021, to acquire up to approximately $180-million of non-prime consumer auto loan receivables (NPCALR), from time to time, from ACC LP, which is controlled by CCMI, pursuant to the terns of an NPCALR purchase agreement entered into among CAR LP, ACC and CCMI in July, 2021.

For additional information relating to CAR LP, the purchase agreement and the financing of purchases made from time to time under the purchase agreement, please see the news release of the company dated July 14, 2021, and related material change report dated July 22, 2021.

About Cliffside Capital Ltd.

Cliffside is focused on investing in strategic partnerships with parties who have specialized expertise and a proven record in originating and servicing loans and similar types of financial assets. Cliffside's strategy is to generate revenue as an investor, affording its shareholders an opportunity to invest in the growing alternative lending sector with the potential for attractive yields and minimal operational risk while earning a reliable total return.

We seek Safe Harbor.