An anonymous director reports

WILMINGTON ANNOUNCES SECOND QUARTER 2023 RESULTS

Wilmington Capital Management Inc. had net income for the three months ended June 30, 2023, of $700,000, or six cents per share, compared with net income of $1.1-million, or nine cents per share, for the same period in 2022. For the six months ended June 30 2023, the Corporation reported net income of $0.1 million or $0.01 per share compared to net income of $2.0 million or $0.16 per share for the same period in 2022.

OPERATIONS REVIEW - For the Quarter Ended June 30, 2023

As at June 30, 2023, Wilmington had assets under management in its operating platforms of approximately $447 million ($102 million representing Wilmington's share). A summary of the Corporation and the operations of its investees is set out below. Marinas

Maple Leaf Partnerships

In Q2 2023, the Maple Leaf Partnerships successfully completed the acquisition of a marquee marina in Ontario. The Corporation's share of the Q2 2023 capital raise was $1.3 million. The Maple Leaf Partnerships now own 21 marinas with over 8,800 boat slips and dry rack slips, all within 2 hours driving time from Toronto, Ontario.

Closing of lot sales continues at Champlain Shores (formerly Bay Moorings). Proceeds from lot sales were used to repay $3 million of the outstanding revolving loan facility.

Real Estate

Land Held for Development

In Q2 2023, the Corporation acquired development lands for $6.2 million in the high growth area of Seton in SE Calgary. The lands had been secured under a purchase agreement. Completion of the acquisition was subject to obtaining land use redesignation. The lands have been rezoned for self-storage and ancillary uses. The development will be comprised of three phases and a development permit application has been filed. The transaction is in keeping with Wilmington's strategy of seeking undervalued investment opportunities.

Bow City Partnership

Today the Corporation entered into a binding agreement to sell its 19.72% interest in the Bow City Partnerships at its fair market value for a total consideration of $3.9 million (the "Transaction"). The Corporation determined that a majority of the development upside in the Bow City Partnerships had been realized and the proceeds realized on the sale were better redeployed in new opportunities. Under the terms of the Bow City partnership agreements, the Corporation's interest in the Bow City Partnerships must first be offered to non-selling partners which include management and certain directors. Management and certain directors elected to acquire the Corporation's interest in the Bow City Partnerships. The transaction was approved by the independent directors of the board on July 18, 2023 and its expected to close no later than August 15, 2023.

Sunchaser Partnership

The Sunchaser Partnership has experienced strong seasonal demand during the opening months of the season. Seasonal rental rates remain healthy and the 150-site expansion of one of the existing RV resorts is expected to be fully complete in the third quarter.

Private Equity

Northbridge, Northbridge Fund 2016, Northbridge Fund 2021 SP#1 and Northbridge Fund 2022 SP#2 and Northbridge Fund SP#4

During Q2, 2023 Northbridge invested the remaining capital of its most recent fund, Northbridge Fund SP#4. The funds have generated returns of 16% to date. The largest fund, Fund 16, is scheduled to wind up in Q4 and will result in the return of capital to unitholders. Unitholders initially invested $1,000 per unit and are expected to receive cash and in-kind investments of approximately $1,500 per unit. Northbridge manages approximate $69.4 million of committed assets as of June 30, 2023 (December 31, 2022 - $74 million). Outlook

The first half of 2023 was an active period for the Corporation which included the acquisition of two marquee marinas in Ontario. These acquisitions bring substantial completion to the Maple Leaf Partnerships strategy of acquiring the "best in class" marinas in the Muskoka region of Ontario. Our near-term focus will be on fully integrating the marina operations and maximizing returns.

The sale of the Bow City Partnerships, subsequent to June 30, 2023, represents another successful realization event for the Corporation. Proceeds will, in part, be earmarked for the development of the new self-storage facility previously described. Northbridge continues to generate good returns on invested funds and efforts are focused on raising additional assets under management in an ever-changing private equity landscape in the oil and gas industry.

Wilmington is focused on growth opportunities inherent in each of its operating platforms and will continue to assess market conditions to best realize on its investments.

Exception from MI 61-101

As certain limited partner purchasers of the Corporation's interests in the Bow City partnerships are "related parties" of the Corporation (within the meaning of MI 61-101 - "Protection of Minority Security Holders in Special Transactions" ("MI 61-101")), the Transaction is considered a "related party transaction" under MI 61-101. The Corporation is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101 that would otherwise apply in respect of the Transaction, pursuant to Section 5.5(a) and Section 5.7(a) (Fair Market Value Not More Than 25% of Market Capitalization) of MI 61-101.

We seek Safe Harbor.