Mr. Michael Capombassis reports

BRISTOL GATE CAPITAL PARTNERS INC. ANNOUNCES ESTIMATED ANNUAL REINVESTED DISTRIBUTIONS FOR BRISTOL GATE ETFS

Bristol Gate Capital Partners Inc. has estimated 2023 reinvested distributions for the Bristol Gate exchange-traded funds. These annual reinvested distributions generally represent realized capital gains and/or excess net income within the Bristol Gate ETFs.

The distributions will not be paid in cash but will be reinvested and reported as a taxable distribution. The reinvested distributions will increase the unitholder's adjusted cost base for the respective ETF. The ex dividend date for the 2023 annual distributions will be Dec. 28, 2023. Unitholders of record on Dec. 29, 2023, will receive the actual 2023 reinvested distributions which may vary from the estimated amounts disclosed herein.

Note that these figures are estimates only, as of Nov. 16, 2023, are not guaranteed and are subject to change prior to the Dec. 31, 2023, taxation year-end of the ETFs.

The actual taxable amounts of reinvested distributions for 2023, including the tax characteristics of the distributions, will be reported to brokers through Clearing and Depository Services (CDS) in early 2024.

All values are expressed in Canadian dollars, unless otherwise indicated. The estimated 2023 annual per-unit reinvested distributions for the Bristol Gate ETFs are as noted herein.

We seek Safe Harbor.