Ms. Nancy Tham reports

E SPLIT CORP. ANNOUNCES SUCCESSFUL OVERNIGHT OFFERING

E Split Corp. has had a successful overnight treasury offering of Class A and preferred shares. Gross proceeds of the offering are expected to be approximately $38.6-million.

The offering is expected to close on or about Tuesday, Dec. 12, 2023, and is subject to certain closing conditions including approval by the Toronto Stock Exchange.

The Class A shares were offered at a price of $12.55 per Class A share to yield 12.4 per cent and the preferred shares were offered at a price of $9.80 per preferred share to yield 7.5 per cent to maturity. The Class A share and preferred share offering prices were determined so as to be non-dilutive to the most recently calculated net asset value per unit of the company (calculated as at Dec. 1, 2023), as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.

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:
  • Non-cumulative monthly cash distributions;
  • The opportunity for capital appreciation through exposure to the portfolio;
• Preferred shares are to:
  • Provide holders with fixed cumulative preferential quarterly cash distributions;
  • 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., Raymond James Ltd., BMO Capital Markets, iA Private Wealth Inc., TD Securities Inc., Manulife Securities Inc., Desjardins Securities Inc., Echelon Wealth Partners Inc., Middlefield Capital Corp., Research Capital Corp. and Richardson Wealth Ltd.

For further information, please visit the company's website or contact Nancy Tham in the sales and marketing department at 1-888-890-1868.

A short form base shelf prospectus containing important detailed information about the securities being offered has been filed with securities commissions or similar authorities in each of the provinces of Canada. Copies of the short form base shelf prospectus may be obtained from a member of the syndicate. The company intends to file a supplement to the short form base shelf prospectus, and investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the securities commissions or similar authorities in each of the provinces of Canada.