Mr. John Wimsatt reports

ECN CAPITAL ANNOUNCES ITS INTENTION TO RENEW ITS NORMAL COURSE ISSUER BID FOR COMMON SHARES AND SERIES C PREFERRED SHARES

ECN Capital Corp. has filed notices of intention with the Toronto Stock Exchange to renew its normal course issuer bid to buy back some common shares and cumulative five-year minimum rate reset preferred shares, Series C.

If these notices are accepted by the TSX, the bids would permit the company to repurchase for cancellation, at its discretion during the 12 months following such acceptance, up to 5 per cent and 10 per cent of the public float of each of the company's issued and outstanding common shares and Series C preferred shares (calculated in accordance with the rules of the TSX), respectively. All purchases of common shares and Series C preferred shares under the bids will be made on the open market or as otherwise permitted subject to the terms and limitations to be applicable to each bid.

The actual number of common shares, if any, that may be repurchased under the bids, and the timing of any such repurchases, will be determined by ECN Capital, subject to the limitations imposed by the TSX. There cannot be any assurance as to how many common shares or Series C preferred shares, if any, will ultimately be acquired by ECN Capital.

The company believes that the bids will be in the best interest of the company and constitute a desirable use of its funds. ECN Capital's intention to renew the common share bid reflects the company's desire to manage the total number of common shares outstanding and to be able to acquire common shares when it believes the common shares are undervalued in relation to the company's business and its future business prospects. ECN Capital's intention to renew the Series C preferred share bid reflects the company's belief that purchasing the Series C preferred shares will be accretive to earnings and value per common share. All common shares and Series C preferred shares purchased under the bids will be cancelled.

ECN Capital previously sought and received approval of the TSX to purchase up to 22,270,050 common shares and 371,040 Series C preferred shares in normal course issuer bids which commenced on Sept. 19, 2022, and will expire on Sept. 18, 2023. Under the previous bids, no common shares and no Series C preferred shares were repurchased by the company on the open market.

About ECN Capital Corp.

With managed assets of $4.7-billion (U.S.), ECN Capital is a leading provider of business services to North American based banks, credit unions, life insurance companies, pension funds and institutional investors. ECN Capital originates, manages and advises on credit assets on behalf of its partners, specifically consumer (manufactured housing and recreational vehicle and marine) loans and commercial (inventory finance or floor plan) loans. Its partners are seeking high-quality assets to match with their deposits, term insurance or other liabilities. These services are offered through two operating segments: (i) manufactured housing finance; and (ii) recreational vehicles and marine finance.

We seek Safe Harbor.