Ms. Nancy Tham of Middlefield reports

E SPLIT CORP. COMPLETES OVERNIGHT OFFERING OF APPROXIMATELY $33.3 MILLION

E Split Corp. has completed its overnight offering of preferred shares for aggregate gross proceeds of approximately $33.3-million. The preferred shares will trade on the Toronto Stock Exchange under the existing symbol ENS.PR.A.

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

The company will invest 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 Corp., Research Capital Corp. and Richardson Wealth Ltd.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. This offering was made by a prospectus supplement dated June 20, 2023, to the company's short form base shelf prospectus dated Jan. 11, 2023. The prospectus contains important detailed information about the Class A shares and preferred shares being offered. Copies of the prospectus may be obtained from your IIROC (Investment Industry Regulatory Organization of Canada) registered financial adviser using the contact information for such adviser. Investors should read the prospectus before making an investment decision. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the company's publicly filed documents, which are available at SEDAR.