Canoe EIT Income Fund Announces Normal Course Issuer Bid Renewal

CALGARY, ALBERTA--(Marketwired - Oct. 6, 2014) -

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States of America.

Canoe EIT Income Fund (TSX:EIT.UN) ("Canoe" or the "Fund") announces today that it has renewed its normal course issuer bid ("NCIB") with the Toronto Stock Exchange ("TSX"). The TSX has accepted Canoe's Notice of Intention to have a NCIB in place.

As of September 24, 2014 the Fund had 91,779,087 issued and outstanding units, and a public float of 90,802,808 units. Under the NCIB, in the next twelve months, Canoe may purchase up to 9,080,280 of its issued and outstanding units on the open market through the facilities of the TSX, representing 10% percent of the public float. The Fund may not purchase more than 2% of the issued and outstanding units during any 30 day period, which as at September 24, 2014 represents 1,835,581 units. The price which the Fund will pay for any units purchased will be the prevailing market price of such units on the TSX at the time of purchase. Decisions regarding purchases of units pursuant to the NCIB will be made by Canoe. All units purchased by Canoe pursuant to the NCIB will be held for resale and not cancelled.

The NCIB will commence on October 8, 2014, and will terminate on October 7, 2015 or at such earlier time as the NCIB is completed or terminated at the option of Canoe. Under the previous NCIB which commenced on October 1, 2013 and expired on September 30, 2014, Canoe purchased 1,273,900 units at an average cost of $11.84 per unit.

Canoe believes that from time to time the purchase of the Fund's units will increase the proportionate interest of, and be advantageous to, all remaining unitholders. Any purchases made by Canoe may also afford increased liquidity to those unitholders of Canoe who may wish to dispose of their units during this time.

About the Distribution

The Fund's objective is to maximize monthly distributions relative to risk and maximize net asset value, while maintaining and expanding a diversified investment portfolio.

About the Fund

The Fund is one of Canada's largest, diversified closed-end investment funds and is listed on the TSX under the symbol EIT.UN. The Fund is actively managed and invests in a diversified portfolio of income-generating and capital growth-oriented securities listed primarily on the TSX. The Fund is designed to maximize distributions and net asset value for the benefit of its unitholders. The Fund is managed by Robert Taylor, Senior Vice President and Portfolio Manager of Canoe Financial.

About Canoe Financial LP

Canoe Financial is an investment management firm focused on building financial wealth for Canadians through investing in Canada. Its 'GO CANADA!^®' investment thesis reflects Canoe's strategic confidence in Canada as a place to invest. With continued global urbanization, increasing worldwide demand for resources, and Canada's sound fiscal structure, Canoe believes this country provides long-term growth potential for investors.

Canoe is one of Canada's fastest-growing mutual fund companies and as at August 31, 2014, manages approximately $2.8 billion in assets through its investment products. To learn more about Canoe Financial, visit www.canoefinancial.com.

^® 'GO CANADA!' is a registered trade-mark of Canoe Financial LP.

Forward Looking Statement: Certain statements included in this news release constitute forward looking statements which reflect Canoe Financial's current expectations regarding future results or events. Words such as "may," "will," "should," "could," "anticipate," "believe," "expect," "intend," "plan," "potential," "continue" and similar expressions have been used to identify these forward-looking statements. In addition, any statement regarding future performance, strategies, prospects, action or plans is also a forward-looking statement. Market predictions and forward-looking statements are subject to known and unknown risks and uncertainties and other factors that may cause actual results, performance, events, activity and achievements to differ materially from those expressed or implied by such statements. Forward- looking statements involve significant risks and uncertainties and a number of factors could cause actual results to materially differ from expectations discussed in the forward looking statements including, but not limited to, changes in general economic and market conditions and other risk factors. Although the forward-looking statements are based on what Canoe Financial believes to be reasonable assumptions, we cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the current date and we assume no obligation to update or revise them to reflect new events or circumstances.

The Fund makes monthly distributions of an amount comprised in whole or in part of Return of Capital (ROC) of the net asset value per unit. A ROC reduces the amount of your original investment and may result in the return to you of the entire amount of your original investment. ROC that is not reinvested will reduce the net asset value of the fund, which could reduce the fund's ability to generate future income. You should not draw any conclusions about the fund's investment performance from the amount of this distribution.

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the information filed about the fund on www.sedar.com before investing. The indicated rates of return are the historical and annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution, or optional charges or income taxes payable by any security holder that would have reduced returns. Investment funds are not guaranteed and past performance may not be repeated.

This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.