Top 20 Dividend Trust Announces Change of Auditor

TORONTO, Feb. 22, 2013 /CNW/ - Top 20 Dividend Trust (the "Trust") announced today that it has engaged PricewaterhouseCoopers LLP (the "Successor Auditor") as the Trust's new auditors effective February 19, 2013.  PricewaterhouseCoopers LLP will audit the Trust's financial statements for the year ended December 31, 2012.  The Trust had previously engaged Ernst & Young LLP (the "Former Auditor") as its auditor.

The change follows a request for proposal initiated by Scotia Managed Companies Administration Inc. (the "Administrator") in late 2012 for all of the investment funds managed by the Administrator.  Previously, several audit firms were engaged for the investment funds (the "Funds") managed by the Administrator. Changing and consolidating audit firms is expected to result in cost efficiencies for the Trust.

There were no disagreements with the Former Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure for the period that their auditing services were provided.

The Former Auditor audited the opening balance sheet of the Fund as contained in a prospectus filed on May 29, 2012. Their audit report did not contain any reservations and did not provide a modified opinion. There were also no reportable events between the Trust and the Former Auditor including disagreements, unresolved issues or consultations as defined in National Instrument 51-102, continuous disclosure.

The resignation of the Former Auditor and the recommendation to appoint the Successor Auditor was approved by the Audit Committee and the Board of Directors of the Trustee and the Independent Review Committee of the Trust.

The Trust is an investment trust whose investment objectives are to provide unitholders with: (i) stable monthly distributions; and (ii) the opportunity for capital appreciation through investment exposure to an equally-weighted portfolio comprised of the 20 highest yielding equity securities included in the S&P/TSX 60 Index. The S&P/TSX 60 Index consists of the 60 largest and most liquid issuers on the TSX and is generally maintained to have sector weights in line with the S&P/TSX Composite Index.

The units of the Trust are listed for trading on The Toronto Stock Exchange under the symbol TTY.UN.

SOURCE: Top 20 Dividend Trust

For further information:

Investor Relations
Top 20 Dividend Trust
(416) 863-7007
E-mail: mc.top20dividend@scotiabank.com
Web site: www.scotiamanagedcompanies.com