An anonymous director reports

CANOE EIT INCOME FUND ANNOUNCES AMENDMENTS TO ITS DISTRIBUTION RE-INVESTMENT PLAN

Canoe EIT Income Fund has completed the amendments to its premium distribution, distribution reinvestment and optional cash purchase plan. The plan has been amended to provide that the purchase price for units of the fund, issued pursuant to the optional cash payment component of the plan, shall be at the greater of either the net asset value per unit on the applicable distribution date, or if the net asset value is less than 95 per cent of the average market price, at a discount of up to 5 per cent of the average market price on the applicable distribution date.

The optional cash component of the plan was also amended to allow participants to purchase additional units for the first 11 months of any financial year, up to the greater of either $100,000 per month or after giving effect to the total number of units purchased by any participants in any one month, one-twelfth of maximum number of units permitted by applicable law and regulatory policies to be sold pursuant to the optional cash component of the plan, which as of the date hereof, is equal to 2 per cent of the number of units outstanding at the start of the financial year.

For the last month of the applicable financial year, there is no maximum number of units participants shall be permitted to purchase pursuant to the optional cash component of the plan, subject to the maximum contribution amount. The plan agent will, in respect of any distribution date on which the monthly maximum contribution amount or maximum contribution amount, as applicable, would otherwise be exceeded, purchase the maximum number of units (as would be within such limits) and will allocate on a pro-rata basis such purchased units to participants who have made optional cash payments in respect of such distribution date. The company will thereafter return any remaining optional cash payments to the appropriate participants.

The amendments to the plan are effective for the fund's distribution payable to unitholders of record on May 23, 2018. For further information on the fund's distribution reinvestment plan, including a complete copy of the amended and restated distribution reinvestment plan, please contact the company's investor relations department.

About Canoe EIT Income Fund

One of Canada's largest closed-end investment funds, Canoe EIT Income Fund is designed to maximize monthly distributions and capital appreciation by investing in a broadly diversified portfolio of high-quality securities. The fund is listed on the Toronto Stock Exchange under the symbol EIT.UN, EIT.PR.A and EIT.PR.B, and is actively managed by Robert Taylor, senior vice-president and portfolio manager of Canoe Financial.