Canso Credit Income Fund and Canso Select Opportunities Fund Announce Approval of Normal Course Issuer Bids

TORONTO, July 12, 2017

Purchases of Units pursuant to the NCIBs will be executed through the facilities of the TSX and/or alternative Canadian trading systems at market prices under the NCIB rules of the TSX. The actual number of Units which may be purchased, and the timing of any such purchases, will be determined by the Manager. All Units purchased under the NCIBs will be cancelled. The NCIB for each Fund shall terminate on the earlier of July 16, 2018 and the date on which such Fund has acquired the Units sought under the NCIB. The Manager believes that each NCIB is in the best interests of the Fund and its unitholders.

Canso Credit Income Fund

Pursuant to its NCIB notice, Canso Credit Income Fund (TSX: PBY.UN) is entitled to purchase up to 1,310,810 Units, representing 10% of its public float, during the twelve month  period commencing July 17, 2017 and ending on July 16, 2018. As of July 4, 2017, there are 13,108,108 Units of Canso Credit Income Fund issued and outstanding and the public float is 13,108,108 Units. The Fund is permitted to purchase, under the NCIB, up to 262,162 of its Units in a given 30-day period. Canso Credit Income Fund will be purchasing Units pursuant to the NCIB. Although, no purchases were made under the previous NCIB, the Fund intends to purchase units under the current NCIB.

Canso Select Opportunities Fund

Pursuant to its NCIB notice, Canso Select Opportunities Fund (TSX: SCW.UN) is entitled to purchase up to 324,507 Units, representing 10% of its public float, during the twelve month period commencing July 17, 2017 and ending on July 16, 2018. As of July 5, 2017 there are 3,245,076 Units of Canso Select Opportunities Fund issued and outstanding and the public float is 3,245,076 Units. The Fund is permitted to purchase, under the NCIB, up to 64,901 of its Units in a given 30-day period. Canso Select Opportunities Fund will be purchasing Units pursuant to the NCIB. Although, no purchases were made under the previous NCIB, the Fund intends to purchase units under the current NCIB.

This press release contains forward-looking statements. The statements that are concerning each of the Fund's objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of each of the Funds are forward-looking statements. The words "believe", "expect", "anticipate", "estimate", "intend", "may", "will", "would" and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward looking statements are subject to important risks and uncertainties that could cause actual results to differ materially from current expectations. While the Manager considers these risks and uncertainties to be reasonable based on information currently available, they may prove to be incorrect.