An anonymous director reports

CANOE EIT INCOME FUND ANNOUNCES PREFERRED UNIT OFFERING

Canoe EIT Income Fund has filed and obtained a receipt for a preliminary short form prospectus in respect of a potential offering of cumulative redeemable Series 1 preferred units at a price of $25 per Series 1 preferred unit. The Series 1 preferred units will be offered to the public through a syndicate of underwriters led by Scotiabank and RBC Capital Markets which also includes BMO Capital Markets, CIBC Capital Markets, National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., Industrial Alliance Securities Inc. and Manulife Securities Inc. Canoe Financial LP, the manager of the fund, believes that successful completion of the offering will provide the fund with longer-term fixed rate capital at an attractive all in cost of financing. The additional capital will be used to take advantage of attractive investment opportunities, and is also expected to ensure the sustainability of the fund by increasing the earning capacity of the units. The Series 1 preferred units are provisionally rated Pfd-2 (high) by Dominion Bond Rating Service Ltd.

The fund's regular monthly distribution of 10 cents per unit for unitholders of EIT.UN units remains unchanged. The fund has maintained the 10-cent-per-unit monthly distribution since August, 2009, through varying market conditions.

The fund's annual voluntary redemption feature for unitholders of EIT.UN units remains unchanged.

Once a date has been set for the 2017 annual redemption, the fund will issue a news release with the details.

A preliminary short form prospectus containing important information relating to the Series 1 preferred units has been filed with securities commissions or similar authorities in all provinces and territories of Canada. The preliminary short form prospectus is still subject to completion or amendment. Copies of the preliminary short form prospectus may be obtained from your registered financial adviser using the contact information for such adviser, or from representatives of the underwriters listed above. There will not be any sale or any acceptance of an offer to buy the Series 1 preferred units until a receipt for the final short form prospectus has been issued.

About Canoe EIT Income Fund

The fund is one of Canada's largest, diversified closed-end investment funds and is listed on the Toronto Stock Exchange under the symbol EIT.UN. The fund is actively managed and invests in a diversified portfolio of income-generating and capital-growth-oriented securities listed primarily on the TSX. The fund is designed to maximize distributions and net asset value for the benefit of its unitholders. The fund is managed by Robert Taylor, senior vice-president and portfolio manager of Canoe Financial LP.

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