Highfield Limited Partnership Acquires 77 Units of Bay Terrace Limited Partnership

TORONTO, CANADA--(Marketwire - Feb. 23, 2012) - Highfield Limited Partnership ("Highfield") announced today that it has acquired beneficial ownership of 77 limited partnership units of Bay Terrace Limited Partnership (the "Partnership") representing 19.8% of the outstanding limited partnership units of the Partnership at a price of $12,000 per limited partnership unit (the "Transaction").

As a result of the Transaction, Highfield, together with any joint actors, has ownership and control over 83 limited partnership units of the Partnership, representing 21.4% of the outstanding limited partnership units of the Partnership. The Transactions were completed by private agreements and did not take place in any market.

Highfield effected the purchases to consolidate ownership of the limited partnership units of the Partnership owned by joint actors and either alone or together with joint actors may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over the limited partnership units or other securities of the Partnership, through market transactions, private agreements or otherwise.

Highfield is relying on the exemption from the formal bid requirements in Section 100.1(1) of the Securities Act (Ontario) in connection with the Transaction. Purchases were made from not more than five persons or companies in the aggregate, including persons or companies located outside of Ontario. The offer to purchase limited partnership units of the Partnership was not made generally to securityholders of limited partnership units of the Partnership. The value of the consideration paid by Highfield for the limited partnership units of the Partnership subject to the Transaction, including brokerage fees or commissions, is not greater than 115 per cent of the market price of the securities as determined in accordance with the regulations.

An early warning report in respect of the Transaction will be filed on the System for Electronic Document Analysis and Review under the Partnership's profile and can be viewed at www.sedar.com or copies may be obtained on request from the person noted below.

The issuance of this news release is not an admission that an entity named in the news release owns or controls any described securities or is a joint actor with another named entity.