Canoe Financial Announces Fund Name Change, Adoption of a Premium Distribution(TM), Distribution Reinvestment and Optional Cash Purchase Plan

CALGARY, ALBERTA--(Marketwired - Nov. 4, 2013) -

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

Canoe Financial LP ("Canoe") announces that the name of EnerVest Diversified Income Trust (TSX:EIT.UN) has been changed to Canoe EIT Income Fund (the "Fund"), effective immediately. The trading symbol for the Fund's units on the Toronto Stock Exchange (the "TSX") will not change. An application has been submitted to the TSX for the Fund's units and warrants to trade under the new name.

Canoe also announces that, as approved by unitholders at a special meeting on August 30, 2013, the Fund's existing distribution reinvestment plan and optional cash purchase program has been replaced with a new Premium Distribution™, Distribution Reinvestment and Optional Cash Purchase Plan (the "Plan"). The Plan provides eligible unitholders of the Fund with the opportunity to:

1. reinvest their distributions in new units at a current discount of 5% to the average market price (as calculated pursuant to the Plan) under the distribution reinvestment component of the Plan, which new units will be credited to their account, or

1. for Canadian residents only, reinvest their distributions in new units at a discount of 5% to the average market price (as calculated pursuant to the Plan) under the Premium Distribution™ component of the Plan, which new units will be disposed of through Canaccord Genuity Corp., the designated Plan Broker, in exchange for a premium cash payment equal to 102% of the reinvested distributions.

The Plan also provides eligible unitholders who are enrolled in either the distribution reinvestment component or the Premium Distribution™ component of the Plan with the opportunity to purchase additional new units at a current discount of 5% to the closing price of the units on the TSX on the last trading day prior to the applicable distribution payment date pursuant to the optional cash purchase (OCP) component of the Plan. The amount of the discount under the distribution reinvestment component and the OCP component of the Plan will be determined by the manager of the Fund from time to time and is initially set at a 5% discount, which is the maximum discount permitted under the Plan.

In order to facilitate the administration of the Premium Distribution™ component of the Plan, the record date for the Fund's monthly distributions has been changed from the last business day of each month to the date which is on or about the 22nd day of each month (as announced by the Fund from time to time). The Fund's monthly distribution payment date will remain unchanged, and will continue to be the 15th day of the following calendar month.

Participation in the Plan by unitholders is optional. Those unitholders who do not enroll in the Plan will continue to receive monthly cash distributions as declared by the Fund.

An eligible registered unitholder who was validly enrolled in the Fund's previous distribution reinvestment plan will automatically be deemed to be a participant in the distribution reinvestment component of the new Plan, without any further action on their part. An eligible beneficial unitholder (i.e. a unitholder whose units are held through a broker, investment dealer, financial institution or other nominee) who was validly enrolled in the Fund's previous distribution reinvestment plan through a broker or other nominee should contact such broker or other nominee to confirm continued participation in the distribution reinvestment component of the new Plan.

™ denotes trademark of Canaccord Genuity Corp.

Eligible registered unitholders who wish to enroll in the distribution reinvestment component, the Premium Distribution™ component or the OCP component of the Plan must deliver a completed Enrollment Form or OCP Form, respectively, to Alliance Trust Company, as Plan Agent, before 5:00 p.m. (Toronto time) on the business day preceding the record date for the distribution. To be eligible for the November 2013 distribution, which will have a record date of November 22, 2013 pursuant to the Fund's revised distribution policy, this deadline will be Thursday, November 21, 2013. A copy of the Enrollment Form and the OCP Form may be obtained by calling the Plan Agent at 403-237-6111, by email at inquiries@alliancetrust.ca or from the Fund's website at www.canoefinancial.com.

Eligible beneficial unitholders who wish to enroll in the distribution reinvestment component, the Premium Distribution™ component or the OCP component of the Plan should contact the broker or other nominee through which their units are held to provide appropriate instructions and to ensure any deadlines or other requirements that such broker or nominee may impose or be subject to are met. These instructions will be collected and aggregated by the brokers and ultimately communicated to the Plan Agent.

Unitholders who are resident in Canada may participate in either the distribution reinvestment component or the Premium Distribution™ component of the Plan and purchase additional new units pursuant to the OCP component. Unless otherwise announced by the Fund, a unitholder who is a resident of the United States or is otherwise a "U.S. person" (as defined in the Plan) may not participate in any component of the Plan. Unitholders (whether registered or beneficial holders) who are resident in any jurisdiction outside of Canada (other than the United States) may participate in the distribution reinvestment component or the OCP component of the Plan only if their participation is permitted by the laws of the jurisdiction in which they reside and provided that the Fund is satisfied, in its sole discretion, that such laws do not subject the Plan or any of the Fund, the Plan Agent or the Plan Broker to additional legal or regulatory requirements. Any such unitholders wishing to participate in the distribution reinvestment component or the OCP component should consult legal counsel where they reside to determine their eligibility to participate and provide confirmation of such eligibility to the Fund. Unitholders who are not resident in Canada may not participate in the Premium Distribution™ component of the Plan. The amount of any distributions to be reinvested under the Plan under the distribution reinvestment component on behalf of unitholders who are not residents of Canada will be reduced by the amount of any applicable non-resident withholding taxes.

The Fund reserves the right to limit the amount of new equity available under the Plan on any particular distribution payment date. No assurances can be made that new units will be made available under the Plan on a monthly basis, or at all. Accordingly, participation may be prorated in certain circumstances. If on any distribution payment date the Fund determines not to issue any equity under the Plan, or the availability of new units is prorated in accordance with the terms of the Plan, then participants will be entitled to receive from the Fund the full amount of the regular distribution for each unit in respect of which the distribution is payable but cannot be reinvested under the Plan in accordance with the applicable election.

No commissions, service charges or similar fees are payable in connection with the purchase of units from treasury under any component of the Plan. All administrative costs of the Plan will be paid by the Fund. Unitholders who wish to participate in the Plan indirectly through brokers, investment dealers, financial institutions or other similar nominees through which their units are held should consult such nominees to confirm whether commissions, service charges or similar fees are payable to such nominee.

Participation in the Plan does not relieve unitholders of any liability for taxes that may be payable in respect of distributions that are reinvested in new units under the Plan. Unitholders should consult their tax advisors concerning the tax implications of their participation in the Plan having regard to their particular circumstances.

A complete copy of the Plan, together with a related series of Questions and Answers, are available on the Fund's website at www.canoefinancial.com or by contacting the Fund directly at the number indicated below. Unitholders should carefully read the complete text of the Plan before making any decisions regarding their participation in the Plan.

Canoe also announces that the Fund's declaration of trust has been amended and restated in order to effect the resolutions approved at the August 30, 2013 special meeting. In addition to the changes described above, the amended and restated declaration of trust provides:

• the manager of the Fund with the authority to issue a new class of preferred equity securities, subject to obtaining a favourable advance tax ruling from the Canada Revenue Agency;
• a fixed administration fee to be paid to the manager for expenses incurred on the Fund's behalf in connection with the operation and administration of the Fund; and
• other changes necessary in order to effect certain administrative matters.

A description of the amendments is included in the Fund's information circular which was filed on SEDAR on August 12, 2013. A complete copy of the amended and restated declaration of trust will be filed and available at www.sedar.com.

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 September 30, 2013, manages approximately $1.7 billion in assets through its investment products. To learn more about Canoe Financial, visit www.canoefinancial.com.

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. 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.

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.