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Press release from Marketwire

Flaherty & Crumrine Investment Grade Fixed Income Fund Renews Normal Course Issuer Bid

Tuesday, December 21, 2010

Flaherty & Crumrine Investment Grade Fixed Income Fund Renews Normal Course Issuer Bid13:55 EST Tuesday, December 21, 2010TORONTO, ONTARIO--(Marketwire - Dec. 21, 2010) - Flaherty & Crumrine Investment Grade Fixed Income Fund (TSX:FFI.UN) has renewed its normal course issuer bid to purchase up to 974,200 units of the Fund representing approximately 10% of the public float of 9,742,971 units. The Fund may purchase up to 195,316 units in any 30 day period which is 2% of the 9,765,808 issued and outstanding units at December 16, 2010. As of December 16, 2010, the Fund had purchased 246,800 units under its current bid at an average price of $9.42 per unit.The units may be purchased for cancellation from December 24, 2010 to December 23, 2011 through the facilities of the TSX or other eligible alternative market and may only be purchased at a price per unit not exceeding the last published net asset value per unit. The Manager of the Fund believes that such purchases are in the best interest of the Fund and are a desirable use of its available funds.Further information on the Fund is available at Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the fund's publicly filed documents which are available from SEDAR at Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.FOR FURTHER INFORMATION PLEASE CONTACT: Chris CullenBrompton Funds Management LimitedSenior Vice President(416)