Ms. Katherine Moradiellos reports

ECN CAPITAL REPORTS US $0.00 IN ADJUSTED NET INCOME PER COMMON SHARE IN Q1-2024 TRIAD RESULTS SIGNIFICANTLY IMPROVED AND ECN AHEAD OF QUARTERLY GUIDANCE

ECN Capital Corp. has released its financial results for the three-month period ended March 31, 2024.

For the three-month period ended March 31, 2024, ECN Capital reported Adjusted net (loss) income applicable to common shareholders from continuing operations of ($.3)-million or nil per share (basic) versus ($13.5)-million or ($0.05) per share (basic) for the previous three-month period and $1.4-million or $0.01 per share (basic) for the same period last year.

"Q1 marks the beginning of a rebound from a difficult 2023", said Steven Hudson, CEO of ECN Capital Corp. "I am pleased to deliver results that are ahead of our Q1 guidance of ($0.01)-($0.02). ECN's businesses have exceeded expectations and are well positioned to deliver growth in 2024. Our management teams are driving operational improvements that will enhance and deepen our relationships with manufacturers, dealers and consumers. We have strong liquidity in 2024 and continue to see excess demand for our unique assets from funding partners including life insurers, institutional investors, banks and credit unions. ECN is reiterating our full year 2024 guidance of $0.10-$0.16."

Originations for the three-month period ended March 31, 2024 were $468.4-million, versus $503.1-million in the previous three-month period and $465.1-million for the same period last year. Originations for the three-month period ended March 31, 2024 include $302.4-million of originations from our Manufactured Housing Finance segment and $165.9-million of originations from our Recreational Vehicle and Marine Finance segment.

Managed Assets as at March 31, 2024 were $5.2 billion versus $4.9 billion as at Dec. 31, 2023 and $4.7 billion as at March 31, 2023.

Adjusted EBITDA for the three-month period ended March 31, 2024 was $21.8-million versus $5.5-million for the previous three-month period and $23.4-million for the same period last year.

Operating Expenses for the three-month period ended March 31, 2024 were $27.8-million versus $34.7-million for the previous three-month period and $24.4-million for the same period last year.

Net (Loss) Income attributable to common shareholders for the three-month period ended March 31, 2024 was ($8.5)-million versus ($56.0)-million for the previous three-month period and ($20.9)-million for the same period last year.

Dividends Declared

The company's Board of Directors has authorized and declared a quarterly dividend of C$0.01 per outstanding common share to be paid on July 2, 2024 to shareholders of record at the close of business on June 14, 2024. These dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

The company's Board of Directors has authorized and declared a quarterly dividend of C$0.4960625 per outstanding Cumulative 5-Year Rate Reset Preferred Share, Series C (TSX: ECN.PR.C) to be paid on July 2, 2024 to shareholders of record on the close of business on June 14, 2024. These dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

The company's Board of Directors has authorized and declared a semi-annual dividend of C$0.0605 per outstanding Mandatory Convertible Preferred Share, Series E to be paid on July 2, 2024 to shareholders of record on the close of business on June 14, 2024. These dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

Webcast

The company will host an analyst briefing to discuss these results commencing at 5:30 PM (ET) on Thursday, May 9, 2024. The call can be accessed as follows: Webcast https://services.choruscall.ca/links/ecncapitalcorp2024q1.html

Toll-free dial in North America 1-844-763-8274 International 1-647-484-8814

Presentation slides http://ecncapitalcorp.com/investors/presentations

A telephone replay of the conference call may also be accessed until June 9, 2024 by dialing 1-855-669-9658 and entering the passcode 0879.

Non-IFRS Measures

The company's interim unaudited consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and the accounting policies we adopted in accordance with IFRS.

The company believes that certain Non-IFRS Measures can be useful to investors because they provide a means by which investors can evaluate the company's underlying key drivers and operating performance of the business, exclusive of certain adjustments and activities that investors may consider to be unrelated to the underlying economic performance of the business of a given period. Throughout this Press Release, management used a number of terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations. A full description of these measures can be found in the Management Discussion & Analysis that accompanies the financial statements for the three-month period ended March 31, 2024.

ECN Capital's Management Discussion and Analysis for the three-month period ended March 31, 2024 has been filed on SEDAR (www.sedar.com) and is available under the investor section of the company's website ( www.ecncapitalcorp.com ).

About ECN Capital Corp.

With managed assets of US$5.2 billion, ECN Capital Corp. (TSX: ECN) is a leading provider of business services to North American based banks, credit unions, life insurance companies, pension funds and institutional investors (collectively our Partners). 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 and rental) loans. Our 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.