Ms. Amanda Marchment reports

AGF INVESTMENTS ANNOUNCES 2023 ESTIMATED ANNUAL REINVESTED CAPITAL GAINS DISTRIBUTIONS FOR ETFS

AGF Management Ltd.'s AGF Investments Inc. has estimated annual 2023 reinvested distributions for the AGF Investments exchange-traded funds listed on the Toronto Stock Exchange or the NEO Exchange, as set out in an attached table. These estimated annual reinvested distributions generally represent realized capital gains within the AGF Investments ETFs and will not be paid in cash but will be reinvested and reported as taxable.

The annual reinvested distributions will be paid in the form of a notional distribution. A notional distribution is when the units from a reinvested distribution are immediately consolidated with the units held prior to the distribution. The number of units held after the distribution is therefore identical to the number of units held before the distribution. The unitholder's adjusted cost base for the respective AGF Investments ETFs may increase.

Please note that these are estimated capital gains amounts only, up to Nov. 8, 2023. As these are estimated amounts, the final capital gains distributions may change before the AGF Investments ETFs' Dec. 15, 2023, tax year-end. The actual distribution amounts will be reported on or about Dec. 28, 2023.

The actual taxable amounts for 2023, including the tax characteristics, will be reported in early 2024. Unitholders of record of an AGF Investments ETF on Dec. 29, 2023, will receive the actual 2023 reinvested distributions payable in respect of that AGF Investments ETF on Dec. 29, 2023. Cash distributions for December, 2023, will be reported separately.

Details regarding the estimated per-unit capital gains distribution amounts are provided in an attached table.

About AGF Management Ltd.

Founded in 1957, AGF Management is an independent and globally diverse asset management firm. AGF Management's companies deliver excellence in investing in the public and private markets through three distinct business lines: AGF Investments, AGF Private Capital and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm's collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisers and their clients to high-net-worth and institutional investors, including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client-servicing teams on the ground in North America and Europe. With over $40-billion in total assets under management and fee-earning assets, AGF serves more than 800,000 investors.

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