FrontFour Proposes to Acquire Class A Shares of Trez Capital Mortgage Investment Corporation

Vancouver, British Columbia – August 20, 2018 – FrontFour Capital Corp. (“FrontFour Corp.”) and FrontFour Capital Group LLC (“FrontFour LLC”, together with FrontFour Corp., “FrontFour”) announced that they have, on behalf of certain investment funds and portfolios (collectively, “FrontFour Funds”) managed by them, made a proposal to the board of directors of Trez Capital Mortgage Investment Corporation (“TZZ”) in furtherance of which FrontFour would offer all TZZ shareholders an opportunity to either (i) receive cash for their Class A shares of TZZ (“TZZ Shares”) at the net asset value of TZZ or (ii) remain invested in their shares and participate in a new strategic path of TZZ, with additional opportunities to invest in TZZ (the “Offer”). The proposal contemplates that the Offer will be completed by early November 2018. However, no assurance can be made that FrontFour will proceed with the Offer or that, if it proceeds with the Offer, the Offer will be successful.


As of the date hereof, FrontFour Funds own an aggregate of 1,235,211 TZZ Shares, representing approximately 10.60% of 11,649,711 TZZ Shares outstanding as at June 30,
2018, as reported by TZZ in its management’s discussion and analysis dated August 8, 2018.

FrontFour currently intends to proceed with the Offer on a consensual basis and if successful would propose to change the directors and management of TZZ and the strategic plan of TZZ. Nevertheless, FrontFour may proceed with a transaction which achieves the same result in a different manner or form or may, depending on numerous factors, determine not to proceed with the Offer or a similar transaction. The holdings in TZZ will be reviewed on an ongoing basis in accordance with the investment objectives of certain investment funds and portfolios managed by FrontFour and may be increased or (notwithstanding the current future intentions noted herein) decreased in the future in a manner consistent with such objectives.

This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR ( containing additional information with respect to the foregoing matters.

For further information:

Zachary George
Tel: 1-203-554-0816