UDA Caldwell US Dividend Advantage Fund

Caldwell Investment Management Ltd., the manager of Caldwell U.S. Dividend Advantage Fund (the “Fund”), announces the estimated annual special year-end distribution for the 2024 tax year for the actively-managed ETF Series of the Fund (TSX Ticker: UDA) to unitholders of record as indicated below. Please note that this is an estimated amount as of December 11, 2024 and includes certain forward-looking information, which may cause the Special Distribution to change before the Fund’s tax year-end on December 13, 2024. The estimated amount is for the Special Distribution only and does not include the ongoing, regular monthly distribution amounts which were previously announced.

Record Date	Payment Date	Estimated Distribution per Unit
December 19, 2024	December 20, 2024	CAD $0.135

ETF Series unitholders also have the option to participate in the distribution reinvestment plan (“DRIP”) offered by the Fund, which provides investors with the ability to automatically reinvest distributions and realize the benefits of compounded growth. Unitholders can enroll in the DRIP program by contacting their investment advisor.

The ETF Series of Caldwell U.S. Dividend Advantage Fund trades on the TSX under the ticker symbol UDA.

For further information, please visit our website at www.caldwellinvestment.com or contact us at 416-593-1798 or 1-800-256-2441.

The Fund was first offered to the public as a closed-end investment on May 28, 2015 and was converted into an open-end mutual fund effective as of November 15, 2018, with all outstanding units designated as Series F units. The ETF Series of the Fund was launched on March 18, 2020. Performance of the Fund prior to the conversion date would have differed had the Fund been subject to the same investment restrictions and practices of the current open-end mutual fund.

Investors are strongly encouraged to consult with a financial advisor and review the Simplified Prospectus and Fund Facts documents carefully prior to making investment decisions about the Fund. Caldwell Investment Management Ltd. makes no representations or warranties on the accuracy and completeness of the information included herein. Certain statements herein contain forward looking information based on certain historical information of the Fund and represent current expectations as of the date of this press release. Actual future results may differ materially due to but not limited to prevailing market conditions, there being no assurance of realizing capital gains and no assurance that issuers held in the portfolio will pay dividends or distributions on their securities. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Mutual funds are not guaranteed; their values change frequently and past performance may not be repeated. The payment of distributions should not be confused with a fund’s performance, rate of return or yield. If distributions paid are greater than the performance of the fund, your original investment will shrink. Distributions paid as a result of capital gains realized by a fund, and income and dividends earned by a fund, are taxable in your hands in the year they are paid. Your adjusted cost base (“ACB”) will be reduced by the amount of any returns of capital and should your ACB fall below zero, you will have to pay capital gains tax on the amount below zero.