Global Dividend Growth Split : Annual Report – 2023

Global Dividend

Growth Split Corp.

Annual Report 2023

VALUE

INTEGRITY PERFORMANCE

THE FOUNDATION FOR EXCELLENCE

MANAGEMENT REPORT OF FUND PERFORMANCE

March 18, 2024

This annual management report of Fund performance for Global Dividend Growth Split Corp. (the ''Fund'') contains financial highlights but does not contain the audited annual financial statements of the Fund. The audited annual financial statements follow this report. You may obtain a copy of the audited annual or unaudited interim financial statements, at no cost, by calling 1-866-642-6001 or by sending a request to Investor Relations, Brompton Funds, Bay Wellington Tower, Brookfield Place, 181 Bay Street, Suite 2930, Box 793, Toronto, Ontario, M5J 2T3, or by visiting our website atwww.bromptongroup.comor SEDAR at www.sedar.com. Shareholders may also contact us by using one of these methods to request a copy of the Fund's proxy voting policies and procedures, proxy voting disclosure record, Independent Review Committee's report, or quarterly portfolio disclosure.

THE FUND

Global Dividend Growth Split Corp. is a mutual fund corporation managed by Brompton Funds Limited (the "Manager"). The Fund has Class A and Preferred shares outstanding which are traded on the Toronto Stock Exchange ("TSX") under the symbols GDV and GDV.PR.A, respectively. The Class A and Preferred shares are RRSP, DPSP, RRIF, RESP, TFSA and FHSA eligible. The Preferred shares are rated Pfd-3 (high) by Dominion Bond Rating Service Limited ("DBRS").

Preferred shares of the Fund receive fixed, cumulative quarterly payments. Payments may consist of ordinary dividends, capital gains dividends or returns of capital. Preferred shares have a priority claim ahead of the Class A shares on the Fund's assets in the event of liquidation. However, the Net Asset Value of Preferred shares generally does not benefit from growth in value of the underlying investments. Generally, Class A shares capture the price movement of the underlying investments, but in a more magnified way than if an investor owned the underlying portfolio of securities directly. This magnification of return is commonly known as "leverage", which is provided by the Preferred shares.

INVESTMENT OBJECTIVES AND STRATEGIES

The Fund's investment objectives are:

i) to provide holders of Preferred shares with fixed, cumulative, preferential quarterly cash distributions and to return the original issue price of $10.00 per Preferred share to Preferred shareholders at maturity; and

ii) to provide holders of Class A shares with regular monthly non-cumulative cash distributions, targeted to be $0.10 per share, and the opportunity for growth in Net Asset Value per Class A share through exposure to the Portfolio.

To achieve these objectives, the Fund invests in a diversified portfolio of equity securities of large capitalization global dividend growth companies selected by the Manager. The Manager expects that the Fund will be invested directly, or indirectly through exchange-traded funds, in at least 20 global dividend growth companies. Equity securities directly selected will generally be equal weighted at the time of investment and after rebalancing the portfolio, but the Fund may, at the Manager's discretion, hold non-equal weight positions. In order to qualify for inclusion in the portfolio, at the time of investment and at the time of each periodic reconstitution and/or rebalancing, each global dividend growth company included in the portfolio must (i) have a market capitalization of at least $10 billion; and (ii) have a history of dividend growth or, in the Manager's view, have high potential for future dividend growth. After applying these criteria, the Manager will select equity securities of global dividend growth companies to construct the portfolio after considering, among other factors, each global dividend growth company's: dividend growth potential (as indicated by historical dividend growth, expected future earnings, revenue and/or dividend growth, dividend payout ratio, and/or dividend policy); valuation (as indicated by price to earnings, price to book value and/or enterprise value to EBITDA ratios, and/or free cash flow yield); profitability (as indicated by relatively high returns on equity and/or profit margins); current dividend yield; balance sheet strength (as indicated by interest coverage, debt/cash flow, debt/equity and/or debt covenants); and/or liquidity of the equity securities and options.

The portfolio will be rebalanced and may be reconstituted by the Manager at least annually but may be rebalanced and/or reconstituted more frequently at the Manager's discretion. The Manager, at its discretion, selectively writes covered call options from time to time on the portfolio, to generate additional distributable cash for the Fund and to reduce volatility. The Fund may from time to time hold cash and cash equivalents. The Fund hedges substantially all of its foreign currency exposure back to the Canadian dollar.

RECENT DEVELOPMENTS

Market Conditions

Monetary policy response to persistently higher levels of inflation over the Bank of Canada's 2% target rate has led to higher interest rates and fluctuations in securities prices. The Fund's Net Asset Value reflecting the value of the Fund's portfolio based on the most recent valuation date can be found on the Fund's webpage atwww.bromptongroup.com.

RISKS

Risks associated with an investment in the shares of the Fund are discussed in the Fund's 2023 Annual Information Form, which is available atwww.bromptongroup.comor on SEDAR at www.sedar.com. There were no changes to the risks during the year ended December 31, 2023 that could materially affect an investment in the shares of the Fund as they were discussed in the Annual Information Form.

RESULTS OF OPERATIONS Distributions

Class A share cash distributions for the year ended December 31, 2023, amounted to $1.20 per share, unchanged from the year ended December 31, 2022, reflecting monthly cash distributions of $0.10 per Class A share. Preferred share cash distributions declared were $0.50 per share in 2023, unchanged from 2022. Since its inception date of June 15, 2018, the Fund has paid total cash distributions of $6.65 per Class A share and $2.77 per Preferred share.

The Fund has a distribution reinvestment plan which allows participating Class A shareholders to automatically reinvest monthly distributions, commission free, in additional Class A shares of the Fund. Pursuant to this plan, during the year ended December 31, 2023, 74,491 Class A shares were acquired in the market at an average price of $9.55 per Class A share.

Revenue and Expenses

The Fund earned revenue of $0.44 per Class A share in 2023, compared to $0.56 per Class A share in 2022. The decrease was due to changes in portfolio holdings.

Expenses in 2023, amounted to $0.37 per Class A share, compared to $0.41 per Class A share in 2022. Expenses include issue costs, agents' fees and Preferred share premium/discount amortization as a result of issuing Preferred shares. Any issuance related costs were borne by the new subscribing shareholders through the payment of a premium issue price over the Net Asset Value at the time of issuance. Excluding these expenses, Class A share expense was $0.26 per share in 2023, compared to $0.29 per Class A share in 2022.

Net Asset Value

The Net Asset Value per Class A share was $8.28 at December 31, 2023, up 8.4% from $7.64 at December 31, 2022. The aggregate Net Asset Value of the Fund was $288.1 million at December 31, 2023, up from $233.0 million at December 31, 2022. For the purpose of calculating the Net Asset Value of the Fund as a whole, the Preferred shares are not considered a liability of the Fund. During 2023, the Fund had gross proceeds of $42.9 million from one follow-on treasury offering and $9.0 million in proceeds from share issuances from the at-the market program.

Investment Portfolio

As at December 31, 2023, the Fund's investment portfolio included 40 securities across 11 sectors compared to 45 securities across 10 sectors at December 31, 2022. During the year ended December 31, 2023, the Fund bought 29 securities and sold 34 securities. The investment weightings and a detailed listing of the Fund's holdings is provided in the financial statements.

For the year ended December 31, 2023, the Fund's portfolio recorded a net realized loss of $2.5 million and a change in unrealized gain of $31.4 million. The Information Technology sector was the largest contributor, accounting for more than one-third of the portfolio's overall net gains. Broadcom Inc. was the top performer, contributing net gains of $5.0 million.

During the year ended December 31, 2023, the Fund selectively wrote covered call options on the underlying securities in the portfolio and generated premiums of $4.8 million. The net realized and change in unrealized loss on option writing was $0.8 million which represents the premium received, less the amount paid to close out the options at expiry. As at December 31, 2023, there were 2,471 option contracts outstanding, with a notional value representing 11.1% of the portfolio.

As at December 31, 2023, the Fund had foreign currency exposure to the US dollar, Euro, Japanese yen, British pound, Swiss franc, and Norwegian kroner, which was substantially hedged through its foreign currency forward contracts. For the year ended December 31, 2023, the net realized and change in unrealized gain from foreign currency forward contracts was $3.5 million. The gain was largely offset by the foreign currency loss of the respective foreign currency denominated securities in the investment portfolio.

Portfolio Sectors

% ofNet Gains (Losses) by Sector (millions)

Portfolio as of 31-Dec-23

Realized $

Change in Unrealized $

Total $

Communication Services

4.1

0.2

(0.2) (0.0)

Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials

6.7

1.9

1.8 3.7

7.5

0.4

0.6 1.0

6.9

(4.8)

2.4 (2.4)

17.2

(0.3)

6.1 5.8

12.3

0.8

0.8 1.6

13.9

0.9

6.1 7.0

Information Technology Materials

21.3

3.2

8.6 11.8

5.2

(2.9)

0.9 (2.0)

Real Estate Utilities Options

2.5

-

0.3 0.3

2.4

(0.4)

(0.2) (0.6)

-

(0.6)

(0.2) (0.8)

Foreign currency forward contracts Total

- 100.0

(0.9)

4.4 3.5

(2.5)

31.4 28.9

% ofGeographic Split

Portfolio as of 31-Dec-23

United States 56.1

France 15.5

Canada 10.9

Ireland 5.7

Great Britain 2.5

Japan 2.5

Germany 2.5

Italy 2.3

Netherlands 2.0

Total 100.0

Liquidity

To provide liquidity for shareholders, the Class A shares and Preferred shares of the Fund are listed on the TSX. Investors also have the right to retract their shares in accordance with the Fund's retraction provisions for each class of share.

RELATED PARTY TRANSACTIONS

Related party transactions consist of services provided by the Manager pursuant to a management agreement. See the Management Fees section below. At December 31, 2023, 2.8% of the Fund's Preferred shares were held by an investment fund managed by the same manager of the Fund (December 31, 2022 - 0.3%).

MANAGEMENT FEES

Pursuant to a management agreement, the Manager provides management and administrative services to the Fund, for which it is paid a management fee equal to 0.85% per annum of the Net Asset Value of the Fund, plus applicable taxes. The Net Asset Value of the Fund is determined by taking the total assets of the Fund and deducting the Fund's liabilities. For this purpose, the Preferred shares are not considered a liability of the Fund. The management fee is used by the Manager to cover its costs to obtain the Fund's assets, the cost to administer the Fund, the cost of investment management services and for profit. For the year ended December 31, 2023, management fees amounted to $2.6 million.

FINANCIAL HIGHLIGHTS

The following tables show selected key financial information about the Fund and are intended to help readers understand the Fund's financial performance for the fiscal periods indicated. This information is derived from the Fund's audited annual financial statements which have been prepared in accordance with IFRS Accounting Standards. The information in the following tables is presented in accordance with National Instrument ("NI") 81-106 and, as a result, does not act as a continuity of opening and closing Net Assets per Class A share. The increase (decrease) in Net Assets from operations is based on average shares outstanding during the period, and all other numbers are based on actual shares outstanding at the relevant point in time.

Net Assets per Class A Share1

2023	2022	2021	2020	2019
For the year ended December 31	$	$	$	$	$
Net Assets, beginning of year2	7.64	12.72	10.11	11.67	8.99
Increase (decrease) from operations:3
Total revenue	0.44	0.56	0.41	0.46	0.78
Total expenses	(0.37)	(0.41)	(0.60)	(0.38)	(0.36)
Preferred share distributions	(0.49)	(0.50)	(0.55)	(0.51)	(0.50)
Realized gains (losses)	(0.19)	(2.27)	2.09	(1.08)	0.50
Unrealized gains (losses)	2.06	(1.17)	2.30	1.15	3.44
Total increase (decrease) in Net Assets	1.45	(3.79)	3.65	(0.36)	3.86
from operations
Distributions to Class A shareholders:2
Capital gains	-	-	0.56	0.05	0.01
Return of capital	1.20	1.20	0.64	1.15	1.19
Total distributions to	1.20	1.20	1.20	1.20	1.20
Class A shareholders
Net Assets, end of year2	8.28	7.64	12.72	10.11	11.67

• 1 The financial information was prepared in accordance with IFRS Accounting Standards.

• 2 Net Assets per Class A share and distributions per Class A share are based on the actual number of Class A shares outstanding at the relevant time.

• 3 The increase (decrease) in Net Assets from operations per Class A share is based on the weighted average number of Class A shares outstanding over the fiscal period.

Ratios and Supplemental Data (Based on Net Asset Value)

As at December 31	2023	2022	2021	2020	2019
Net Asset Value ($) (000s) - including Preferred shares	288,088	233,028	202,483	84,090	76,926
Number of Class A shares outstanding (000s)	15,834	13,211	8,913	4,181	3,550
Management expense ratio ("MER") - Class A shares1	10.73%	11.12%	12.62%	9.83%	6.62%
Trading expense ratio2	0.16%	0.16%	0.19%	0.18%	0.20%
Portfolio turnover rate3	91.98%	99.61%	130.23%	97.39%	110.32%
Net Asset Value per unit ($)4	18.40	17.76	22.84	20.24	21.79
Net Asset Value per Class A share ($)	8.28	7.64	12.72	10.11	11.67
Net Asset Value per Preferred share ($)5	10.00	10.00	10.00	10.00	10.00
Closing market price - Class A shares ($)	8.86	10.70	12.64	10.50	11.22
Closing market price - Preferred shares ($)	9.61	9.51	10.32	10.31	10.27

• 1 MER for Class A shares is based on the requirements of NI 81-106 and includes the total expenses of the Fund for the stated period, including distributions on Preferred shares, Preferred share premium/discount amortization, interest expense and issuance costs, but excluding brokerage commissions on securities transactions, and is expressed as an annualized percentage of the average Net Asset Value of the Fund for Class A shares over the period. Please see the Expense Ratio section following this table for further discussion of the calculation.

• 2 The trading expense ratio represents total commissions expressed as an annualized percentage of daily average Net Asset Value of the Fund during the period.

• 3 The Fund's portfolio turnover rate indicates how actively the Fund manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund's portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of the Fund. Portfolio turnover rate is calculated by dividing the lesser of the cost of purchases and the proceeds of sales of portfolio securities for the period, excluding cash and short-term investments maturing in less than one year, by the average market value of such investments during the period.

• 4 A unit includes one Class A share and one Preferred share. Net Asset Value per unit is determined by the Net Asset Value of the Fund, for which the Preferred shares are not treated as liabilities. Net Asset Value per unit includes any distributions declared and not paid that are payable to Shareholders.

• 5 Net Asset Value per Preferred share does not include the accrued Preferred share distributions.

Expense Ratio

In 2023, the MER per Class A share, which includes agents' fees, issuance costs, Preferred share premium/discount amortization, and Preferred share distributions, was 10.73%, down from 11.12% in the prior year ended 2022. Expenses for agents' fees and issuance costs were borne by the new subscribing shareholders as the share issuances were priced at an amount higher than the Net Asset Value per unit plus these associated expenses; therefore, any share issuances are not dilutive for the existing shareholders. Pursuant to the prescribed regulatory formula, these costs must be included in the MER calculation. The MER per Class A share excluding agent's fees, issuance costs, and Preferred share premium/discount amortization was 8.59% in 2023 compared to 7.81% in the prior year. Excluding Preferred share distributions, the MER per Class A share was 2.40% in 2023 up from 2.28% in the prior year. The increase was reflective of a higher management fee calculated based on the Unit Net Asset Value; the growth rate of the Unit Net Asset Value surpassed that of the Class A Net Asset Value, resulting in an increase in the management fee as a proportion of the average Class A Net Asset Value.

The MER per unit (includes one Class A share and one Preferred share) of the Fund, excluding agents' fees, issuance costs, Preferred share premium/discount amortization, and Preferred share distributions, was 1.07% in 2023, down from 1.08% in 2022. This latter ratio is more representative of the ongoing efficiency of the administration of the Fund.

PAST PERFORMANCE

The following chart and table show the past performance of the Fund. Past performance does not necessarily indicate how the Fund will perform in the future. The information shown is based on Net Asset Value per Class A share and per unit (each unit includes one Class A share and one Preferred share) and assumes that distributions made by the Fund on the Class A shares and units in the periods shown were reinvested (at Net Asset Value per Class A share and per unit, respectively) in additional Class A shares and units of the Fund.

The bar chart shows the Fund's returns for a Class A share and a unit since inception to December 31, 2023. The chart shows, in percentage terms, how investments held in a Class A share and a unit of the Fund on the first day of each fiscal period would have changed by the last day of the fiscal period.

Year by Year Returns

Class A Share

1

Period from June 15, 2018 (commencement of operations) to December 31, 2018.

GDV Unit

1

Period from June 15, 2018 (commencement of operations) to December 31, 2018.

The following table shows the Fund's compound return on a Class A share, Preferred share and unit for each period indicated, compared with the MSCI World Index ("MSCI Index"), the MSCI World High Dividend Yield Index ("MSCI High Dividend Index") and the S&P/TSX Preferred Share Index ("Preferred Share Index") (together the "Indices"). The MSCI Index captures large- and mid-cap representation across 23 developed markets countries and covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI High Dividend Index targets companies from the MSCI Index (excluding Real Estate Investment Trusts) with high dividend income and quality characteristics and includes companies that have higher than average dividend yields that are expected to be both sustainable and persistent. The Preferred Share Index tracks the performance, on a market weight basis, of a broad index of preferred shares trading on the TSX that met the criteria relating to size, liquidity and issuer rating. The Fund invests in an actively managed portfolio. It is therefore not expected the Fund's performance will mirror those of the Indices which have more diversified portfolios. The Indices are calculated without the deduction of management fees, fund expenses and trading commissions whereas the performance of the Fund is calculated after deducting such fees and expenses. Further, the performance of the Fund's Class A shares is impacted by the leverage provided by the Fund's Preferred shares.

Annual Compound Returns

1 2

Since
1-Year	3-Year	5-Year	Inception1
%	%	%	%
Global Dividend Growth Split Corp - Class A share2	25.9	6.6	11.6	7.1
MSCI World High Dividend Yield Index	9.1	6.4	8.2	6.2
MSCI World Index	24.4	7.8	13.4	9.7
Global Dividend Growth Split Corp - Preferred Share2	5.1	5.1	5.1	5.1
S&P/TSX Preferred Share Index	5.9	1.2	2.6	0.7
Global Dividend Growth Split Corp - Unit3	13.8	5.8	8.2	6.0
Period from June 15, 2018 (commencement of operations) to December 31, 2021.

Based on the Net Asset Value per Class A share and Preferred share and assuming that distributions on the Class A shares and Preferred shares made by the Fund in the periods shown were reinvested (at Net Asset Value per Class A share and Preferred share) in additional Class A shares and Preferred shares of the Fund.

3

Based on the Net Asset Value per unit (each unit includes one Class A share and one Preferred share) and assuming that distributions on the units made by the Fund were reinvested (at Net Asset Value per unit) in additional units of the Fund.

In 2023, the Fund's units were up 13.8%, outperforming the MSCI High Dividend Index. The Fund benefitted from its selections within Consumer Staples and Healthcare, and also from an overweight position Consumer Discretionary. The Fund's Class A performance return was positively enhanced by the leverage provided by the Preferred shares, enabling it to outperform both benchmarks. The Fund's Preferred shares continue to provide a consistent positive return of 5.1% in 2023. Please see the Portfolio Manager's report for more details.

SUMMARY OF INVESTMENT PORTFOLIO

As at December 31, 2023

Total Net Asset Value¹	288,088,568
% of	% of Net
Portfolio Composition	Portfolio	Asset Value
Asia
Japan
Industrials	2.4	2.4
Total Asia	2.4	2.4
Europe
France
Industrials	8.3	8.2
Consumer Staples	2.7	2.7
Materials	2.7	2.6
Consumer Discretionary	1.8	1.8
Germany
Real Estate	2.5	2.5
Great Britain
Materials	2.5	2.5
Ireland
Industrials	3.0	3.0
Information Technology	2.6	2.6
Italy
Financials	2.3	2.3
Netherlands
Information Technology	2.0	2.0
Total Europe	30.4	30.2
North America
Canada
Energy	4.7	4.7
Consumer Staples	2.4	2.4
Consumer Discretionary	2.3	2.2
Communication Services	1.5	1.5
8

$

SUMMARY OF INVESTMENT PORTFOLIO (cont'd)

1

Portfolio Composition (cont'd)

North America (cont'd)

United States

Information Technology

Financials

Healthcare

Consumer Discretionary

Consumer Services

Utilities

Consumer Staples

Energy

Total North America

Total Investments

Cash

Other net assets (liabilities)

Total

% of	% of Net
Portfolio	Asset Value
16.7	16.4
14.9	14.6
12.3	12.3
2.6	2.6
2.5	2.5
2.4	2.4
2.3	2.3
2.2	2.2
66.8	66.1
99.6	98.7
0.4	0.4
0.9
100.0	100.0
Net Asset Value of the Fund includes the value of the Preferred shares and Class J shares.
% of	% of Net
Top 25 Holdings	Portfolio	Asset Value
Broadcom Inc.	3.3	3.3
Apple Inc.	3.3	3.3
Schneider Electric SE	3.1	3.1
Microsoft Corp.	3.1	3.0
Trane Technologies PLC	3.0	3.0
Cboe Global Markets Inc.	2.8	2.8
L'Oreal S.A.	2.7	2.7
Air Liquide S.A.	2.7	2.6
Arthur J. Gallagher & Co.	2.6	2.6
Cardinal Health Inc.	2.6	2.6
Safran S.A.	2.6	2.6
Seagate Technology Holdings PLC	2.6	2.6
McDonald's Corp.	2.6	2.6
Vinci S.A.	2.6	2.5
Bank of America Corp.	2.6	2.5
T-Mobile US Inc.	2.5	2.5
Linde PLC	2.5	2.5
Eli Lilly and Co.	2.5	2.5
Vonovia SE	2.5	2.5
9