Mr. Praveen Gupta reports

CLIFFSIDE CAPITAL LTD. PROVIDES UPDATE ON SPECIAL COMMITTEE FORMED TO CONDUCT STRATEGIC REVIEW AND ANNOUNCES TEMPORARY SUSPENSION OF QUARTERLY DIVIDEND

The special committee, comprising independent members of the board of directors of Cliffside Capital Ltd., constituted in December, 2022, has now retained Raymond James Ltd. to advise it regarding its mandate to explore and evaluate the various strategic alternatives available to the company to maximize value for its shareholders and other stakeholders.

No decisions relating to any specific potential strategic transaction has been made as at the date of this news release. 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.

Quarterly dividend payment

The company will temporarily suspend the payment of quarterly dividends to its shareholders. This decision was made by the board in light of the strategic review being conducted by the special committee and given the current uncertain macroeconomic environment.

About Cliffside Capital Ltd.

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