Mr. Richard Usher-Jones reports

CANSO CREDIT INCOME FUND COMPLETES CONVERSION TO EXCHANGE-TRADED FUND AND COMMENCES TRADING ON TORONTO STOCK EXCHANGE

Lysander Funds Ltd.'s Canso Credit Income Fund has successfully completed its previously announced conversion from a closed-end fund to an exchange-traded fund. Effective today, the fund has changed its name to Lysander-Canso Credit Income ActivETF, and units of the ETF have commenced trading on the Toronto Stock Exchange (TSX) under the ticker symbol PBY.

The conversion was approved by unitholders of the fund at a special meeting held on June 4, 2026, together with related changes to facilitate and implement the conversion. Class A units of the fund will be converted to units of the ETF on a 1:1 basis and Class F units of the fund will be converted to units of the ETF at an exchange ratio based on the net asset value per Class F unit relative to the net asset value per Class A unit, determined at the time of the conversion. Unitholders are not required to take any action in order to be recognized as holders of units of the ETF following the conversion.

"We are pleased to complete the fund's transition to an ETF structure, which we believe better aligns the fund with the way many investors and advisors access investment solutions today," said Richard Usher-Jones, president and chief executive officer of Lysander. "This structure is intended to support secondary market liquidity and trading efficiency, while preserving access to the fund's established credit investment strategy."

Following the conversion, the ETF is also considered an alternative mutual fund within the meaning of National Instrument 81-102 -- Investment Funds.

About Lysander Funds Ltd.

Lysander is an independently owned investment fund manager that partners with experienced and independent portfolio managers to offer focused investment strategies for Canadian investors.

The company's goal at Lysander is to increase the wealth of all Canadians and to empower advisers and investors with insights and expertise to make informed investment decisions.

Lysander-Canso Credit Income ActivETF is located at 3080 Yonge St., suite 4000, Toronto, Ont., M4N 3N1.

We seek Safe Harbor.