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Equicapita Income Trust Acquires Metercor Inc.
FOR IMMEDIATE RELEASE, ATTENTION INVESTMENT EDITORS May 28th, 2014 -
Calgary
Equicapita Income Trust (Equicapita, the Fund) is pleased to announce the acquisition of
100% of the shares of Metercor Inc. by an affiliate of the Fund. Founded in 1997 and
headquartered in Calgary, AB, Metercor Inc. (Metercor or the Company) is a national leader
in effective water and natural gas meter installation and management programs, as well as leak
detection services. The Companys clients include municipalities, government bodies, gas co-
ops, and private utilities.

Michael Cook, one of the co-founders of Equicapita, stated "Metercor represents a unique
opportunity for Equicapita to derive a cash flow stream from contracted revenue sources
creating a higher level of certainty for its investors - Metercor has long term contracts with
Canadian municipalities and gas co-ops. Metercor is an extremely well run business with
impressive systems and procedures lending itself to being highly scalable in this high growth
segment. Metercor has demonstrated an ability to generate consistent cash flow, and gain
access to new contracts. Metercor represents a great deal for Equicapita unitholders by
providing a highly predictable cash flow stream and access to a top tier management team in a
high growth segment.

Mr. Cook further commented We are pleased that key senior management will continue to run
the business. Len Chappell, who has agreed to stay on as president, is a true leader in the
Canadian metering industry and his ongoing commitment to the business was a key factor in
our decision to acquire Metercor.

The shareholders have shown their support and belief in the EquiCapita model by taking a
significant portion of the deal consideration as Preferred Trust Units in the fund.

The Metercor transaction closed on May 26
th
, 2014 and is the second acquisition for Equicapita
- Equicapita retained Ernst & Young and Burstall Winger Zammit as advisors. Ernst & Young
provided financial due diligence support and Burstall provided legal due diligence and
structuring support.

Equicapita is a private equity buyout fund based in Calgary, Alberta. The fund is focused on
acquiring private, western Canadian businesses with enterprise values ranging from $5 million
to $20 million. The fund is an RRSP eligible investment vehicle that streams the cash flow from
private operating companies to its investors on a priority basis.

This news release may contain certain information that is forward looking and, by its nature,
such forward-looking information is subject to important risks and uncertainties. The words
"anticipate," "expect," "may," "should" "estimate," "project," "outlook," "forecast" or other similar
words are used to identify such forward looking information. Those forward-looking statements
herein made by Equicapita, if any, reflect Equicapita's beliefs and assumptions based on
information available at the time the statements were made. Actual results or events may differ
from those anticipated or predicted in these forward-looking statements, and the differences
may be material. Factors which could cause actual results or events to differ materially from
current expectations include, among other things: risks associated with the ownership and
operation of businesses, including fluctuations in interest rates; general economic conditions;
supply and demand for businesses; competition for available businesses; changes in legislation
and the regulatory environment; and international trade and global political conditions. Readers
are cautioned not to place undue reliance on any forward-looking information contained in this
news release (if any), which is given as of the date it is expressed herein. Equicapita undertakes
no obligation to update publicly or revise any forward-looking information, whether as a result of
new information, future events or otherwise.

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