Mr. Richard Usher-Jones of Lysander Funds reports

LYSANDER FUNDS LIMITED ANNOUNCES DISPOSITION OF UNITS OF CANSO CREDIT INCOME FUND

Lysander Funds Ltd., on Nov. 11, 2025, disposed of 30,700 Class A units of Canso Credit Income Fund at a weighted average price of $16.07 per unit for gross proceeds of $493,424 through the facilities of the Toronto Stock Exchange. Class A units of Canso Credit Income are listed and traded on the TSX (symbol PBY.UN). Canso Credit Income is a reporting issuer under the securities legislation in each of the provinces and territories in Canada. Lysander is the investment fund manager of Canso Credit Income.

Since the last early warning report filed by Lysander with respect to the Class A units, Lysander has disposed of Class A units pursuant to each of the automatic securities disposition plans (ASDPs) as described in the news releases issued by Lysander dated Dec. 13, 2023, and Jan. 31, 2025, respectively. Accordingly, immediately prior to the disposition, Lysander directly and indirectly owned and exercised control over approximately 1,630,146 Class A units and 575 Class F units, representing approximately 17.95 per cent of the 9,084,762 issued and outstanding Class A units on a partially diluted basis. Class F units are convertible into Class A units.

As a result of the disposition, Lysander now has direct and indirect ownership and control of 1,599,446 Class A units, representing approximately 17.61 per cent of the 9,084,187 issued and outstanding Class A units on a non-diluted basis, and 575 Class F units, representing approximately 0.53 per cent of the 108,099 issued and outstanding Class F units. Accordingly, assuming all of the Class F units held by Lysander were exercised for Class A units (and no other Class F units were exercised), Lysander would have direct and indirect control and direction over 1,600,021 Class A units, representing approximately 17.61 per cent of the 9,084,762 issued and outstanding units of Class A units on a partially diluted basis after the disposition. The total Class A units and Class F units owned by Lysander after the disposition represented approximately 17.41 per cent of the combined 9,192,286 Class A and Class F units of the issuer.

The disposition, together with dispositions of Class A units made since the last early warning report filed by Lysander on July 4, 2024, with respect to the Class A units represent an aggregate decrease of approximately 2.28 per cent in lysander's ownership interest in the issuer, on a non-diluted basis, and approximately 2.28 per cent on a partially diluted basis.

The Class A units held by Lysander are being held for investment purposes. Lysander may, depending on market, general economic, industry and other conditions and considerations, and in compliance with applicable securities laws, increase or decrease its respective ownership or control of Class A units for investment purposes and to keep the Class A units in circulation whether through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise. The disposition were sales made under the ASDP.

Lysander 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+.

Canso Credit Income is located at 3080 Yonge St., Suite 4000, Toronto, Ont., M4N 3N1.

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 of Lysander Funds, telephone: 416-640-4275, fax number: 416-855-6515.