Ms. Nancy Tham reports

EUROPEAN FOCUSED DIVIDEND FUND ANNOUNCES NORMAL COURSE ISSUER BID

European Focused Dividend Fund has filed a notice with the Toronto Stock Exchange and received its approval to make a normal course issuer bid. Purchases pursuant to the NCIB will be made in the open market through the facilities of the TSX. This NCIB will commence on Dec. 14, 2019, and will terminate on Dec. 13, 2020. In accordance with the declaration of trust by which the fund is governed, market purchases pursuant to its NCIB may be effected by the fund.

The fund had 4,467,463 units issued and outstanding as at Nov. 29, 2019. The fund may, during the 12-month period commencing Dec. 14, 2019, purchase on the TSX up to 446,446 units, being 10 per cent of the public float and may not, in any 30-day period, purchase more than 89,349 units, being 2 per cent of the units issued and outstanding. The fund will hold in treasury for resale all units purchased pursuant to the bid. As at Nov. 29, 2019, the fund had purchased 224,900 units on the TSX at an average price of $7.85 per unit under its previously approved normal course issuer bid. The fund had the ability to purchase up to 784,070 units under its last NCIB. The manager of the fund believes that such purchases are in the best interest of the fund and are a desirable use of its available funds.

We seek Safe Harbor.