Mr. Praveen Gupta reports

CLIFFSIDE CAPITAL LTD. ANNOUNCES FORMATION OF SPECIAL COMMITTEE TO CONDUCT STRATEGIC REVIEW

Cliffside Capital Ltd. has formed a special committee composed of the independent directors of the company to explore and evaluate potential strategic alternatives that may be available to the company with the goal of maximizing value for Cliffside shareholders and other stakeholders of the company. These alternatives may include, but are not limited to, a sale of all or a portion of the common shares in the capital of the company, a sale of all or a portion of the assets of the company, new debt or equity financings, a strategic investment in the company, or other strategic transaction structures.

The independent committee has been empowered with a broad mandate to lead the process in connection with the review of potential strategic transactions, including engaging necessary professional advisers. The independent committee will manage any expressions of interest relating to any proposed potential strategic transactions that may be forthcoming, and will work with professional advisers to assess the fairness of potential strategic transactions to shareholders and other stakeholders and make recommendations to the company's board of directors in respect of all such matters.

In connection with the formation of the independent committee, the company expects to materially reduce the pace of any new asset acquisitions while the independent committee considers potential strategic transactions.

No decisions relating to any specific potential strategic transaction have been made as at the date of this news release, and there are no assurances that any potential strategic transaction, or transactions, will result from the formation of the independent committee and the strategic review process, generally. The company does not intend to comment further with respect to the strategic review process unless and until it determines that additional disclosure is appropriate in the circumstances and in accordance with applicable securities laws.

About Cliffside Capital Ltd.

Cliffside is focused on investing in strategic partnerships with parties which 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.