Ms. Nancy Tham reports

E SPLIT CORP. ANNOUNCES SUCCESSFUL OVERNIGHT OFFERING

E Split Corp. has successfully completed an overnight treasury offering of preferred shares. Gross proceeds of the offering are expected to be approximately $33.3-million. Following closing of the offering and after giving effect to the June 30, 2023, non-concurrent retraction, it is expected that there will be approximately a matched number of preferred shares and Class A shares of the company outstanding.

The offering is expected to close on or about Tuesday, June 27, 2023, and is subject to certain closing conditions including approval by the Toronto Stock Exchange.

The preferred shares were offered at a price of $10 per preferred share to yield 7.3 per cent to maturity.

The company invests in common shares of Enbridge Inc., a North American oil and gas pipeline, gas processing, and natural gas distribution company.

The company's investment objectives for the:

Class A shares are to provide holders with:

1. Non-cumulative monthly cash distributions;
2. The opportunity for capital appreciation through exposure to the portfolio.

Preferred shares are to:

1. Provide holders with fixed cumulative preferential quarterly cash distributions;
2. Return the original issue price of $10 to holders upon maturity.

Middlefield Capital Corp. provides investment management advice to the company.

The syndicate of agents for the offering was co-led by CIBC Capital Markets, RBC Capital Markets and Scotiabank, and included Canaccord Genuity Corp., National Bank Financial Inc., Hampton Securities Ltd., BMO Capital Markets, Raymond James Ltd., TD Securities Inc., iA Private Wealth Inc., Desjardins Securities Inc., Manulife Securities Inc., Middlefield Capital, Research Capital Corp. and Richardson Wealth Ltd.