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Press release from Marketwire

Canadian Advantaged Convertible Fund Announces Normal Course Issuer Bid For Units

Monday, January 23, 2012

Canadian Advantaged Convertible Fund Announces Normal Course Issuer Bid For Units12:00 EST Monday, January 23, 2012TORONTO, ONTARIO--(Marketwire - Jan. 23, 2012) - Canadian Advantaged Convertible Fund (the "Fund") (TSX:ADC.UN) announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB"). Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 964,590 Units of the Fund, representing approximately 10% of the public float, being 9,645,900 Units as of the close of business of January 17, 2012. The Fund will not purchase in any given 30-day period, in the aggregate, more than 192,918 Units, representing approximately 2% of the issued and outstanding Units, being 9,645,900 Units as of the close of business of January 17, 2012. Purchases of Units under the NCIB may commence on January 25, 2012. The Board of Directors of First Asset Investment Management Inc., the manager of the Fund, believes that such purchases are in the best interests of the Fund and are a desirable use of the Fund's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Units purchased by the Fund pursuant to the NCIB will be cancelled. The NCIB will expire on January 24, 2013. On January 20, 2011, the Fund announced that it was making a Normal Course Issuer Bid, which commenced January 24, 2011, to purchase up to 975,000 Units through the facilities of the TSX. The Fund repurchased 104,100 Units at a weighted average price of $8.95 per unit under the bid, which expires on January 23, 2012. FOR FURTHER INFORMATION PLEASE CONTACT: Rob MacNivenFirst AssetInvestor Relations416-642-1289 or 1-877-642-1289www.firstasset.com