Dear Unitholders:

We wish to update you regarding the future implementation of the pro rata Unitholder redemption mechanism, which the Unitholders approved at the Fund’s recent Annual Meeting. Our aim is to address any confusion that may have arisen and ensure transparency throughout this process.

1. Timing of the Change

Although the amendment to the Fund’s Declaration of Trust to incorporate the pro rata redemption process was approved at the Annual Meeting, the trustees have not yet determined the future date on which the changeover will be made from the present queue system for redemptions.   Until that time, the existing unitholder redemption queue remains intact (although payment of redemption proceeds is presently deferred).

2. What if there is a Queue when the Changeover Occurs?

Once the changeover date is chosen, the Fund will communicate the date to all Unitholders.   If a Unitholder is in the redemption queue, they will be given an opportunity to retract their redemption request, in whole or in part.   Any redemption requests remaining in the queue on the changeover date will be processed on the next redemption payment date on a pro rata basis with all other unitholders, and not on the basis of a Unitholder’s position in the queue.

3. What liquidity measures will be taken between now and the Changeover Date?

It is possible that prior to the changeover date announcement, the trustees could implement additional liquidity measures under the Fund’s declaration of trust to reduce the size of the redemption queue, including the Run-Off Pool or discounted redemption mechanisms.   Much will depend on the pace at which loan repayments and asset monetization occur going forward.

We recognize the importance of open communication, and we are committed to keeping you informed regarding the date of the changeover and any actions that Unitholders may need to take during the process.  Should you have any further questions or concerns, please do not hesitate to reach out to our dedicated Investor Relations team at InvestorRelations@romspen.com or 416-966-1100.

Thank you for your continued trust and support.

Yours very truly,

The Trustees of the Romspen Mortgage Investment Fund