Ms. Amanda Marchment reports

AGF INVESTMENTS ANNOUNCES 2025 ESTIMATED ANNUAL REINVESTED CAPITAL GAINS DISTRIBUTIONS FOR ETFS

AGF Investments Inc. has estimated its annual 2025 reinvested distributions for the AGF Investments exchange-traded funds listed on the Toronto Stock Exchange or Cboe Canada as set out in the chart below. 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 gain amounts only, up to Nov. 6, 2025. As these are estimated amounts, the final capital gains distributions may change before the AGF Investments ETFs' Dec. 15, 2025, tax year-end. The actual distribution amounts will be reported on or about Dec. 30, 2025.

The actual taxable amounts for 2025, including the tax characteristics, will be reported in early 2026. Unitholders of record of an AGF Investments ETF on Dec. 31, 2025, will receive the actual 2025 reinvested distributions payable in respect of that AGF Investments ETF on Dec. 31, 2025. Cash distributions for December, 2025, will be reported separately.

Details regarding the estimated per-unit capital gain distribution amounts are as follows.

ETF                                               Fund                 Exchange           Estimated annual
                                                ticker                             reinvested capital gain
                                                                                  distribution per unit ($)

AGF Emerging Markets ex China Fund*               AEMX              Cboe Canada                   $0.42514
AGF Enhanced U.S. Equity Income Fund*             AENU              Cboe Canada                          -
AGF Global Real Assets Fund*                      AGLR              Cboe Canada                          -
AGF Global Sustainable Growth Equity ETF          AGSG              Cboe Canada                          -
AGF Systematic Global ESG Factors ETF             QEF               Cboe Canada                          -
AGF Systematic Global Infrastructure ETF          QIF               Cboe Canada                   $0.10703
AGF Total Return Bond Fund*                       ATRB              Cboe Canada                          -
AGF US Market Neutral Anti-Beta CAD-Hedged ETF    QBTL   Toronto Stock Exchange                          -
AGF U.S. Small-Mid Cap Fund*                      ASMD              Cboe Canada                          -

* AGF Emerging Markets ex China Fund, AGF Enhanced U.S. Equity Income Fund, 
AGF Global Real Assets Fund, AGF Total Return Bond Fund and AGF U.S. Small-Mid 
Cap Fund are mutual funds with an ETF series option.

This information is not intended to provide legal, accounting, tax, investment, financial or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

AGF ETFs are ETFs offered by AGF Investments. ETFs are listed and traded on organized Canadian exchanges, and may only be bought and sold through licensed dealers.

We seek Safe Harbor.