Mr. John Carswell, a unitholder, reports

JOHN CARSWELL ANNOUNCES HOLDINGS IN CANSO CREDIT INCOME FUND

Pursuant to a recirculation agreement between Canso Credit Income Fund and RBC Dominion Securities Inc. dated July 16, 2010, as amended, Lysander Funds Ltd., a company which John Carswell beneficially owns, acquired 677,405 unsettled Class A units of the issuer privately from the issuer on July 5, 2023, at a value of $14.6209 per Class A unit for a total value of $9,904,270.76. Lysander is the investment fund manager of the issuer.

Prior to the acquisition, Mr. Carswell beneficially owned or controlled, directly or indirectly, 763,356 Class A units, representing approximately 7.5 per cent of the 10,133,117 issued and outstanding Class A units on a non-diluted basis, and 340 Class F units of the issuer, representing approximately 0.1 per cent of the 295,619 issued and outstanding Class F units. Class F units are convertible to Class A units. Accordingly, assuming all of the Class F units beneficially owned or controlled by Mr. Carswell were exercised for Class A units (and no other Class F units were exercised), Mr. Carswell would have beneficial ownership of or control over, directly or indirectly, 763,696 Class A units, representing approximately 7.5 per cent of the 10,133,457 issued and outstanding Class A units on a partially diluted basis prior to the acquisition. The total Class A units and Class F units beneficially owned or controlled by Mr. Carswell prior to the acquisition represented approximately 7.3 per cent of the total 10,428,736 units of the issuer.

As a result of the acquisition, Mr. Carswell now has beneficial ownership of or control over, directly or indirectly, 1,164,438 Class A units, representing approximately 11.5 per cent of the 10,133,117 issued and outstanding Class A units on a non-diluted basis, and 340 Class F units, representing approximately 0.1 per cent of the 295,619 issued and outstanding Class F units. Accordingly, assuming all of the Class F units beneficially owned or controlled by Mr. Carswell were exercised for Class A units (and no other Class F units were exercised), Mr. Carswell would have beneficial ownership of or control over, directly or indirectly, 1,164,778 Class A units, representing approximately 11.5 per cent of the 10,133,457 issued and outstanding Class A units on a partially diluted basis after the acquisition. The total Class A units and Class F units beneficially owned or controlled by Mr. Carswell after the acquisition represented approximately 11.2 per cent of the total 10,428,736 units of the issuer.

The Class A units beneficially owned or controlled, directly or indirectly, by Mr. Carswell as a result of the acquisition are being held for investment purposes. Mr. Carswell may, depending on market, general economic, industry and other conditions and considerations, and in compliance with applicable securities laws, increase or decrease his respective ownership or control of Class A units for investment purposes whether through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.

Mr. Carswell will file an early warning report with the securities regulators in each of the provinces of Canada with respect to the foregoing matters pursuant to National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues). A copy of the early warning report will appear on the issuer's profile on SEDAR.

For further information or to obtain a copy of the early warning report filed in connection with this matter, please contact: Richard Usher-Jones, president, Lysander Funds, at telephone number 416-640-4275 or fax number 416-855-6515.