Mr. Steven Carl reports

MADISON INVESTMENTS ENTERS CANADIAN ETF MARKET WITH LAUNCH OF TWO ACTIVELY-MANAGED EQUITY ETFS

Madison Investments (Canada) Ltd., a subsidiary of Madison Investment Holdings Inc., has launched two actively managed exchange-traded funds: Madison U.S. Mid Cap ETF and Madison U.S. Large Cap ETF. Each ETF has closed its initial offering of units and will commence trading today at 12 p.m. ET on the Toronto Stock Exchange under their respective ticker symbols. Units of the ETFs are denominated in Canadian dollars.

The launch marks the firm's entry into the Canadian ETF market, with both ETFs designed to provide Canadian investors with access to Madison Investments' research-intensive, bottom-up investment approach focused on long-term growth and capital protection. Madison Investments has appointed its affiliate, Madison Asset Management LLC, as subadviser to the ETFs.

"As a firm with long-standing relationships in both Canada and the U.S., Madison Investments has always strived to deliver our actively managed, risk-conscious investment strategies in a way that works best for our clients," said Steven Carl, chair of the executive committee at Madison Investments. "The launch of ETFs in Canada represents an important milestone for our firm and reinforces our commitment to serving Canadian investors with the same disciplined investment approach that has guided Madison Investments for decades."

Madison U.S. Mid Cap seeks long-term capital appreciation by investing primarily in or gaining exposure to equity securities of medium-capitalization companies located in the United States using a bottom-up fundamental analysis approach. MMID is built on Madison Investments' existing U.S. Mid Cap Equity strategy and is managed by MAM portfolio advisers Haruki Toyama, Andy Romanowich and Rich Eisinger. The strategy is grounded in a consistent and disciplined investment process that has been time-tested across multiple market cycles. It focuses on high-quality companies with durable growth characteristics, supported by rigorous business model analysis and valuation discipline. The U.S. Mid Cap equity strategy defines mid-cap companies as those with market capitalizations between $500-million (U.S.) and $70-billion (U.S.).

Madison U.S. Large Cap seeks long-term capital appreciation by investing primarily in common stock of large-capitalization companies located in the United States using a bottom-up fundamental analysis approach. MLRG is built on Madison Investments' existing U.S. Large Cap equity strategy and is managed by MAM portfolio advisers Joe Maginot, Mr. Toyama and Mr. Eisinger. The strategy is supported by a disciplined investment process applied consistently over multiple market cycles, focusing on high-quality companies with durable growth characteristics, backed by rigorous business model analysis and valuation discipline.

"At Madison Investments, we're committed to building and offering risk-conscious strategies that seek to deliver strong long-term returns. Through intense fundamental research, we've constructed portfolios that we believe offer exposure to high-quality companies with durable growth characteristics at reasonable valuations," said Mr. Toyama, head of mid-cap and large-cap equity and portfolio manager at MAM. "MMID and MLRG bring that high-conviction mindset to Canadian investors in an ETF format."

Guided by its participate and protect philosophy, Madison Investments has delivered risk-conscious investment strategies to clients for decades.

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