GBFB GuardBonds 2025 Investment Grade Bond Fund

Guardian Capital LP announces the following regular cash distributions for the period ending January 31, 2024, in respect of the ETF series of the Guardian Capital funds listed below (the “Guardian Capital ETFs”). In each case, the distribution will be paid on January 31, 2024 to unitholders of record on January 25, 2024. The ex-dividend date in each case is January 24, 2024, with the exception of Guardian Ultra-Short Canadian T-Bill Fund and Guardian Ultra-Short U.S. T-Bill Fund which are money market funds and have an ex-dividend date of January 25, 2024.

Guardian Capital ETFs	Series of ETF Units	DistributionFrequency	TradingSymbol	Exchange	Distribution Amount(per ETF Unit)
Guardian Directed Equity Path Portfolio	Hedged ETF Units	Monthly	GDEP	TSX	CAD$0.0770
Guardian Directed Equity Path Portfolio	Unhedged ETF Units	Monthly	GDEP.B	TSX	CAD$0.0719
Guardian Directed Premium Yield Portfolio	Hedged ETF Units	Monthly	GDPY	TSX	CAD$0.1231
Guardian Directed Premium Yield Portfolio	Unhedged ETF Units	Monthly	GDPY.B	TSX	CAD$0.1164
GuardPathTM Managed Decumulation 2042 Fund	ETF Units	Monthly	GPMD	TSX	CAD$0.0667
Guardian Ultra-Short Canadian T-Bill Fund	ETF Units	Monthly	GCTB	TSX	CAD$0.2044
Guardian Ultra-Short U.S. T-Bill Fund	ETF Units	Monthly	GUTB.U	TSX	US$0.2152
GuardBondsTM 2024 Investment Grade Bond Fund	ETF Units	Monthly	GBFA	Cboe Canada	CAD$0.03271
GuardBondsTM 2025 Investment Grade Bond Fund	ETF Units	Monthly	GBFB	Cboe Canada	CAD$0.02791
GuardBondsTM 2026 Investment Grade Bond Fund	ETF Units	Monthly	GBFC	Cboe Canada	CAD$0.02451
GuardBondsTM 2027 Investment Grade Bond Fund	ETF Units	Monthly	GBFD	Cboe Canada	CAD$0.03341
GuardBonds TM 1-3 Year Laddered Investment Grade Bond Fund	ETF Units	Monthly	GBLF	Cboe Canada	CAD$0.02841

About Guardian Capital LPGuardian Capital LP is the manager and portfolio manager of the Guardian Capital Funds and Guardian Capital ETFs, with capabilities that span a range of asset classes, geographic regions and specialty mandates. Additionally, Guardian Capital LP manages portfolios for institutional clients such as defined benefit and defined contribution pension plans, insurance companies, foundations, endowments and investment funds. Guardian Capital LP is a wholly owned subsidiary of Guardian Capital Group Limited and the successor to its original investment management business, which was founded in 1962. For further information on Guardian Capital LP, please call 416-350-8899 or visit www.guardiancapital.com.

About Guardian Capital Group LimitedGuardian Capital Group Limited (“Guardian”) is a global investment management company servicing institutional, retail and private clients through its subsidiaries. As at September 30, 2023, Guardian had C$56.2 billion of total client assets while managing a proprietary investment portfolio with a fair market value of C$1.28 billion. Founded in 1962, Guardian’s reputation for steady growth, long-term relationships and its core values of authenticity, integrity, stability and trustworthiness have been key to its success over six decades. Its Common and Class A shares are listed on the Toronto Stock Exchange as GCG and GCG.A, respectively. To learn more about Guardian, visit www.guardiancapital.com.

For further information, please contact: Angela ShimAShim@guardiancapital.com

Unlike traditional exchange traded funds (“ETFs”), the GuardPathTM Managed Decumulation 2042 Fund (the “GuardPath ETF”) is a unique investment fund structure and investors should carefully consider whether their financial condition and investment objectives are aligned with this retirement-focused investment. The GuardPath ETF may be suitable for an investor primarily concerned about having sufficient income in retirement, especially in the later years of their life. It may not be suitable for an investor whose primary objective is to leave capital behind for their estate. The GuardPath ETF is not an insurance company, nor an insurance or annuity contract and unitholders will not have the protections of insurance laws. Distributions provided by the GuardPath ETF are not guaranteed or backed by an insurance company or any third party. The long-term total return and the sustainability of the rate of distributions of the GuardPath ETF may be impacted by volatility and sequence of returns risk. This is not a complete list of the risks associated with an investment in the GuardPath ETF. Please refer to the prospectus of the GuardPath ETF for details.

This communication is intended for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase Guardian Capital ETFs and is not, and should not be construed as, investment, tax, legal or accounting advice, and should not be relied upon in that regard. Commissions, management fees and expenses all may be associated with investments in the Guardian Capital ETFs. Please read the prospectus before investing. For ETFs other than money market funds, unit values change frequently. ETFs are not guaranteed and past performance may not be repeated. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on the Toronto Stock Exchange (“TSX”) or Cboe Canada Inc. (“Cboe”). If the units are purchased or sold on the TSX or Cboe, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them. ETF and mutual fund securities, including units of the Guardian Capital ETFs, are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the Guardian Ultra-Short Canadian T-Bill Fund or the Guardian Ultra-Short U.S. T-Bill Fund will be able to maintain the net asset value per unit of the mutual fund units at a constant amount or that the full amount of your investment in these money market funds will be returned to you.

All trademarks, registered and unregistered, are owned by Guardian Capital Group Limited and are used under licence.

1 This is the initial distribution for this series of ETF units and covers the period since the launch of the ETF Units on January 9, 2024.