To the extent that the Monetization Process identifies a transaction that the Special Committee believes is in the best interests of all shareholders, it is the intention of the Special Committee to bring forward the proposed transaction for consideration by shareholders at the upcoming annual and special meeting scheduled for May 30, 2016. There can be no assurances at this time that the Special Committee's Strategic Review Process will result in a monetization transaction or any transaction.

On March 3, 2016, a group of shareholders of the Company consisting of FrontFour Capital Corp., Concerned MIC Shareholders GP Inc., Performance Income Inc. and Windsor Private Capital Inc. issued a press release (the "March 3rd Release") regarding their proposal for the immediate wind up of the Company. The Special Committee wishes to provide clarity with respect to two matters referred to in the March 3rd Release.

The Special Committee wishes to advise shareholders that, in order to facilitate the Monetization Process previously announced by the Special Committee, the Manager has consented to an early termination of the management agreement prior to November 30, 2018 in the event that the Special Committee recommends a sale of the Company or substantially all of its assets that is approved by the shareholders (the "Early Termination Agreement"). On a termination in those circumstances, the Manager will receive a termination fee equal to three times the total fees earned by the Manager during the twelve months ending immediately prior to the date of a binding agreement in respect of that transaction and will have no right to any additional amounts representing the fees through to the end of November 2018.

In addition, the Company has been advised by the Manager of its position that, except in accordance with the Early Termination Agreement, the Company does not have the right to unilaterally terminate the management agreement prior to November 30, 2018, including on a wind-up of the Company that is approved by the shareholders. The Special Committee, together with its legal advisors, has been carefully reviewing the terms of the management agreement. The Special Committee's conclusions regarding the terms of the management agreement (which may or may not be consistent with the Manager's position) will inform the Special Committee's recommendation to shareholders which will be included in the proxy circular to be sent to shareholders in connection with the upcoming annual and special meeting scheduled for May 30, 2016.

The March 3rd Release also contained certain statements about the realizable proceeds that may be available to shareholders of the Company on a sale or wind-up of the Company. Shareholders are cautioned not to rely on speculative statements and are encouraged to await the outcome of the Special Committee's Strategic Review Process and the detailed information which will be included in the proxy circular. The Special Committee is conducting its Strategic Review Process on the basis that the shareholders of the Company will have the ultimate say on the choices presented to them for approval at the upcoming annual and special meeting scheduled for May 30, 2016.