PFIA Picton Mahoney Fortified Alternative Fund

(TSX: PFIA, PFSS, PFCB, PFAA) Picton Mahoney Asset Management announced today that it has declared the November 2023 monthly cash distribution of $0.0602 per unit for the ETF units (“ETF Units”) of the Picton Mahoney Fortified Income Alternative Fund.

Picton Mahoney Asset Management announced today that it has declared the November 2023 monthly cash distribution of $0.0694 per unit for the ETF Units of the Picton Mahoney Fortified Special Situations Alternative Fund.

Picton Mahoney Asset Management announced today that it has declared the November 2023 monthly cash distribution of $0.0374 per unit for the ETF Units of the Picton Mahoney Fortified Core Bond Fund.

Picton Mahoney Asset Management announced today that it has declared the November 2023 monthly cash distribution of $0.0100 per unit for the ETF Units of the Picton Mahoney Fortified Alpha Alternative Fund.

Unitholders of record of the ETF Units, at the close of business on November 23, 2023, will receive a per-unit cash distribution payable on November 30, 2023.

About Picton Mahoney Asset Management

Picton Mahoney Asset Management specializes in differentiated investment solutions and rules-based volatility management. Picton Mahoney helps its clients fortify their portfolios based on experience honed over the years through different market cycles and investing environments.

Founded in 2004 and 100% employee-owned, Picton Mahoney is a portfolio management boutique entrusted with over $9.5 billion (as at September 30, 2023) in assets under management. Pioneers of Authentic Hedge® investment principles and practices in Canada, the firm offers a full suite of investment solutions, including mutual and alternative funds, to institutional and retail investors across the country.

Commissions, trailing commissions, management fees, performance fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Alternative funds can only be purchased through a registered dealer and are available only in those jurisdictions where they may be lawfully offered for sale.

For further information please contact:

Arthur Galloway Picton Mahoney Asset Management Tel: (416) 955-4108 Web site: www.pictonmahoney.com Email: service@pictonmahoney.com