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RMIF Investor Update

September 29, 2014

Below is an update on the Romspen Mortgage Investment Fund.

The Fund has attracted significant inflows of capital at the same point in time that we are experiencing an ebb of appropriate deal flow. To moderate this increasingly robust inflow, and to provide the opportunity to prudently deploy the additional capital, the Fund has temporarily been closed to new investments. This closure does not apply to investors who are currently participating in the distribution reinvestment program (“DRIP”).

In view of the more favourable competitive environment and attractive market conditions in the United States, our deal pipeline in the US continues to grow at a faster rate than in Canada. We generally view the US property market as continuing to gain momentum. As such, we are removing the 20% limit on US mortgages while assuring investors, the majority of the portfolio will remain Canadian based.

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