John Carswell Announces Holdings in Canso Credit Income Fund

• The most recent news release (April 20, 2026) details a disposition of Class A Units by John Carswell via Lysander Funds Limited.
• Mr. Carswell disposed of 29,925 units on April 17, 2026.
• Ownership decreased from approximately 14.39% to 14.05% (partially-diluted basis).
• An Early Warning Report will be filed with Canadian securities regulators under National Instrument 62-103.
• Historical news (March 26, 2026) outlines a proposal by Lysander Funds Limited to convert the closed-end fund into an exchange-traded fund ("ActivETF").
• The conversion requires a special unitholder meeting on or about June 4, 2026.
• Implementation is anticipated around July 28, 2026, subject to regulatory approval and TSX clearance.
• All costs for the conversion are borne by Lysander Funds Limited.

• The disposition of ~30,000 units represents a reduction of only 0.34% in total ownership percentage.
• Given that Lysander retains over 14% of the fund, this is not a loss of control or confidence signal but rather routine portfolio rebalancing or profit-taking by a major shareholder.
• The ETF conversion proposal remains on track; the disposition occurred prior to the record date (April 21), ensuring eligibility for the vote.
• Liquidity improvements from the ETF structure are positive long-term catalysts but do not impact immediate valuation materially.
• No new financial data or operational changes were disclosed in the April release that would alter the fundamental thesis established in March.

• Company: Canso Credit Income Fund (TSX: PBY.UN).
• Structure: Closed-end investment fund converting to an Exchange-Traded Fund (ETF).
• Flagship Project: The "Lysander-Canso Credit Income ActivETF" conversion.
• Objective: To provide greater market liquidity and more efficient trading for unitholders compared to the current closed-end structure.
• Management: Managed by Lysander Funds Limited, with John Carswell as a key figure in the fund's history.