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Press release from CNW Group

AGF Master Limited Partnership

Friday, December 23, 2011

AGF Master Limited Partnership15:59 EST Friday, December 23, 2011TORONTO, Dec. 23, 2011 /CNW/ - For the year ending December 31, 2011, an annual distribution of approximately $0.10 per unit has been estimated for AGF Master Limited Partnership (Symbol AFP.UN). The distribution will be payable on January 27, 2012 to limited partners of record on December 31, 2011.THIS IS ONLY AN ESTIMATE BASED ON CURRENT MARKET CONDITIONS AND IS SUBJECT TO CHANGES BASED ON THE ACTUAL FINANCIAL RESULTS FOR THE LIMITED PARTNERSHIP.For further information: Robert J. Bogart Director & Chief Financial Officer AGF Partners No. Five Limited (General Partner of the Partnership) (416) 367-1900