Canoe EIT Income Fund: Rating Report

DBRS Limited (DBRS) finalized the provisional rating of Pfd-2 (high) assigned to the Cumulative Redeemable Series 2 Preferred Units (the Series 2 Preferred Units) issued by Canoe EIT Income Fund (the Fund) and confirmed the rating of the previously issued Cumulative Redeemable Series 1 Preferred Units (the Series 1 Preferred Units, collectively with the Series 2 Preferred Units, the Preferred Units). The Series 2 Preferred Units will rank pari passu with the Series 1 Preferred Units. The Series 2 Preferred Units are expected to be retractable at the option of the holders on or after March 15, 2025. The Series 2 Preferred Units were issued at a price of $25.00 per Series 2 Preferred Unit. They are entitled to fixed quarterly cumulative preferential cash distributions of $0.30 (or $1.20 annually) as and when declared, representing a 4.80% per-annum return on the issue price of $25.00. Distributions on the Preferred Units may be restricted as indicated below.