E Split Corp. Announces Successful Overnight Offering

Middlefield Group, on behalf of E Split Corp. (TSX: ENS and ENS.PR.A) (the “Company”), is pleased to announce a successful overnight treasury offering of preferred shares (the “Preferred Shares”). Gross proceeds of the offering are expected to be approximately $33.3 million. Following closing of the offering and after giving effect to the June 30, 2023 non-concurrent retraction, it is expected that there will be approximately a matched number of Preferred Shares and Class A shares of the Company outstanding.

The offering is expected to close on or about Tuesday, June 27, 2023 and is subject to certain closing conditions including approval by the Toronto Stock Exchange.

The Preferred Shares were offered at a price of $10.00 per Preferred Share to yield 7.3% to maturity.

The Company invests in common shares of Enbridge Inc., a North American oil and gas pipeline, gas processing and natural gas distribution company.

The Company’s investment objectives for the:

Class A Shares are to provide holders with:

(i) non-cumulative monthly cash distributions; and(ii) the opportunity for capital appreciation through exposure to the portfolio

Preferred Shares are to:

(i) provide holders with fixed cumulative preferential quarterly cash distributions; and(ii) return the original issue price of $10.00 to holders upon maturity.

Middlefield Capital Corporation provides investment management advice to the Company.

The syndicate of agents for the offering was co-led by CIBC Capital Markets, RBC Capital Markets, and Scotiabank, and included Canaccord Genuity Corp., National Bank Financial Inc., Hampton Securities Limited, BMO Capital Markets, Raymond James Ltd., TD Securities Inc., iA Private Wealth Inc., Desjardins Securities Inc., Manulife Securities Incorporated, Middlefield Capital Corporation, Research Capital Corporation and Richardson Wealth Limited.

For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

A short form base shelf prospectus containing important detailed information about the securities being offered has been filed with securities commissions or similar authorities in each of the provinces of Canada. Copies of the short form base shelf prospectus may be obtained from a member of the syndicate. The Company intends to file a supplement to the short form base shelf prospectus, and investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the securities commissions or similar authorities in each of the provinces of Canada