Mr. John Wimsatt reports

ECN CAPITAL AND SKYLINE CHAMPION ANNOUNCE CLOSING OF SKYLINE CHAMPION'S C$185 MILLION STRATEGIC INVESTMENT IN ECN CAPITAL AND ESTABLISHMENT OF NEW CAPTIVE FINANCE COMPANY

ECN Capital Corp. and Skyline Champion Corp. have closed the previously announced transaction pursuant to which Champion Canada Holdings Inc., a wholly owned subsidiary of Skyline Champion, has made an approximately $185-million ($138-million (U.S.)) equity investment in ECN Capital on a private placement basis in exchange for 33.55 million common shares of ECN Capital and 27.45 million mandatory convertible preferred shares, Series E of ECN Capital, in each case at a price per share equal to $3.04. Following closing of the private placement, Skyline Champion owns an approximately 19.9-per-cent indirect equity interest in ECN Capital (assuming the conversion of all convertible preferred shares). The net proceeds from the private placement will be used to reduce indebtedness and for general corporate purposes.

The convertible preferred shares are initially convertible on a one-for-one basis into an aggregate of 27.45 million common shares, subject to customary anti-dilution adjustments. The convertible preferred shares will receive cumulative cash dividends at a rate of 4.0 per cent per annum, payable semi-annually, on the liquidation preference, which is initially equal to the share issue price (subject to customary anti-dilution adjustments).

Upon closing of the private placement, Tawn Kelley, a member of the board of directors of Skyline Champion, was appointed to the board of directors and credit and risk committee of ECN Capital. In addition, as previously disclosed, ECN Capital and Skyline Champion have also entered into an investor rights agreement providing for, among other things, customary piggy-back registration rights, pre-emptive rights, standstill and voting support obligations, and certain other rights and restrictions, including a right to match in connection with unsolicited offers to acquire ECN Capital or Triad Financial Services Inc., a wholly owned subsidiary of ECN Capital.

In connection with the private placement, ECN Capital and Skyline Champion have formed Champion Financing LLC, a captive finance company that is 51 per cent owned by and affiliate of Skyline Champion and 49 per cent owned by Triad. Champion Financing will provide a tailored retail finance loan program for customers and a new branded floorplan offering for Skyline Champion, its affiliates and their independent retailers in the manufactured home finance space and will operate with services provided by Triad.

Champion Financing is expected to enable both companies to work more closely together to grow their respective businesses and create value for their stakeholders. Among other things, Champion Financing is expected to:

• Drive greater demand for product by providing broader and more attractive financing options and services for Skyline Champion's customers;
• Enhance Skyline Champion's turn-key homebuying solutions while magnifying the benefits of their digital and direct-to-consumer strategic investments;
• Generate increased retail loan originations and floorplan balances, driving growth and scale efficiencies for Triad.

Immediately prior to the private placement, Skyline Champion did not beneficially own, or exercise control or direction over, any securities of ECN Capital. Immediately following the private placement, Skyline Champion beneficially owns 33.55 million common shares, representing 11.98 per cent of the issued and outstanding common shares, and 27.45 million convertible preferred shares, representing 100 per cent of the issued and outstanding convertible preferred shares. If Skyline Champion were to convert all of the convertible preferred shares into common shares in accordance with their terms immediately after the closing of the private placement, Skyline Champion would beneficially own 61 million common shares, representing 19.84 per cent of the issued and outstanding common shares of ECN Capital.

In the aggregate, the purchased shares beneficially owned by Skyline Champion immediately following the closing of the private placement represent 19.84 per cent of the outstanding voting shares of ECN Capital. Immediately following the closing of the private placement, Skyline Champion beneficially owns 19.84 per cent of the common shares on a partially diluted basis, assuming the conversion of all the convertible preferred shares.

Skyline Champion is acquiring the common shares and convertible preferred shares for investment purposes and will continue to monitor the business, prospects, financial condition and potential capital requirements of ECN Capital. Depending on its evaluation of these and other factors, and subject to its obligations and covenants under the investor rights agreement, Skyline Champion may from time to time in the future decrease or increase its direct or indirect ownership, control or direction over securities of ECN Capital through market transactions, private agreements, subscriptions from treasury or otherwise, or may in the future develop plans or intentions relating to ECN Capital.

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. The company's 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.

About Skyline Champion Corp.

Skyline Champion (NYSE: SKY) is a leading producer of factory-built housing in North America and employs approximately 7,600 people. With more than 70 years of homebuilding experience and 44 manufacturing facilities throughout the United States and Western Canada, Skyline Champion is well positioned with an innovative portfolio of manufactured and modular homes, ADUs, park models, and modular buildings for the single-family, multifamily and hospitality sectors.

In addition to its core home building business, Skyline Champion provides construction services to install and set-up factory-built homes, operates a factory-direct retail business with 31 retail locations across the United States, and operates Star Fleet Trucking, providing transportation services to the manufactured housing and other industries from several dispatch locations across the United States.

Skyline Champion builds homes under some of the most well-known brand names in the factory-built housing industry including Skyline Homes, Champion Home Builders, Genesis Homes, Athens Park Models, Dutch Housing, Atlantic Homes, Excel Homes, Homes of Merit, New Era, Redman Homes, ScotBilt Homes, Shore Park, Silvercrest, Titan Homes in the United States, and Moduline and SRI Homes in Western Canada.

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