East Coast Investment Grade Income Fund Closes IPO

East Coast Investment Grade Income Fund (the “Fund”) completed its initial public offering of 11,250,000 units of the Fund (the “Units”) at a price of $12.00 per Unit for gross proceeds of $135,000,000 (the “Offering”).

On May 30, 2012, the Fund issued an additional 335,000 Units pursuant to the exercise of the over-allotment option granted to the Fund's agents in connection with the initial public offering. The Fund raised total gross proceeds of $139,020,000 pursuant to the Offering. The Units commenced trading on the Toronto Stock Exchange on May 18, 2012.

The Fund has been created to provide enhanced exposure, on a tax advantaged basis, to an actively managed portfolio (the “Portfolio”) comprising primarily Canadian investment grade corporate bonds. The Portfolio is designed to generate attractive risk-adjusted returns, while seeking to eliminate the interest rate risk normally associated with such fixed income investments. The Fund will be advised by East Coast Fund Management Inc. (“East Coast”). East Coast's experienced investment and trading team will be led by Mike MacBain, a credit specialist with over 25 years of experience. Arrow Capital Management Inc. (“Arrow”) is the manager and trustee of the Fund.

The Offering was made on a best-efforts basis in each of the provinces and territories of Canada through a syndicate of agents led by RBC Dominion Securities Inc. and included CIBC World Markets Inc., TD Securities Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., Canaccord Genuity Corp., GMP Securities L.P., Macquarie Private Wealth Inc., Raymond James Ltd. and Manulife Securities Incorporated.

Wildeboer Dellelce LLP acted for Arrow and the Fund with a team that included Ronald Schwass, Geoffrey Cher, Nick Gray and Amanda Berloni (securities) and Kevin Fritz (tax).

The agents were represented by a team from Stikeman Elliott LLP that included Philip Henderson, Marc-André Wilson, Vic Arora (securities) and Jonathan Willson (tax).