Canoe EIT Income Fund Announces Normal Course Issuer Bid Renewal

CALGARY, ALBERTA--(Marketwired - Dec. 30, 2015) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

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

As of December 18, 2015 the Fund had 89,225,287 issued and outstanding units, and a public float of 87,876,015 units. Under the NCIB, in the next twelve months, the Fund may purchase up to 8,787,602 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 December 18, 2015 represents 1,784,505 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 the Fund pursuant to the NCIB will be held for resale and not cancelled.

The NCIB will commence on January 4, 2016, and will terminate on January 3, 2017 or at such earlier time as the NCIB is completed or terminated at the option of Canoe. There were no units purchased under the previous NCIB which commenced on October 8, 2014 and expired on October 7, 2015.

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 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

Founded in 2008, Canoe Financial LP is an investment management firm focused on building financial wealth for Canadians. Canoe is Canada's fastest-growing independent mutual fund company and manages approximately $3 billion in assets across a diversified range of award-winning mutual funds, flow-through limited partnerships and private energy equity products. Canoe has expanded from its Calgary head office to across Canada, including a significant presence in Toronto and offices in Vancouver, Winnipeg and Ottawa. To learn more about Canoe Financial and its investment products, visit www.canoefinancial.com.

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. 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.