Redwood Asset Management Inc. and AIP Asset Management Inc. Announce that the Merger of Redwood Global Macro Class Has Been Approved

Toronto, Ontario–(Newsfile Corp. – February 26, 2016) – Redwood Asset Management Inc. (“Redwood“) and AIP Asset Management Inc. (“AIP“) are pleased to announce the results of the meeting of securityholders (the “Meeting“) of the Redwood Global Macro Class (the “Fund“) held on February 26, 2016. The Fund represents a class of shares of Ark Mutual Funds Ltd. (“Ark Ltd“).

At the Meeting, securityholders of the Fund approved the previously announced proposed merger (the “Merger“) of the Fund into AIP Global Macro Class (the “Continuing Fund“).

The Continuing Fund will be a newly created mutual fund managed by AIP and will be a class of mutual fund shares of AIP Mutual Fund Corporation (“AIP Corp.”). The Merger is anticipated to benefit security holders of the Fund for a variety of reasons, including, as a result of the Merger, an expected reduction in management fees. Subject to receipt of regulatory approval, it is anticipated that the Merger will be effective after the close of business on or about March 18, 2016. AIP has been the portfolio manager of the Fund since inception and will remain as the portfolio manager for the Continuing Fund.

AIP is a Toronto-based asset management company managing hedge and mutual funds and discretionary separately managed accounts. AIP has been named Best Emerging Market Focused Private

This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. This press release is not for dissemination in the United States or for distribution to U.S. news wire services.

This news release contains certain “forward-looking statements”. The statements that are not historical facts contained in this press release are forward-looking statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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