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Press release from Marketwire

Bloom Select Income Fund Closes Over Allotment

Wednesday, May 09, 2012

Bloom Select Income Fund Closes Over Allotment09:23 EDT Wednesday, May 09, 2012TORONTO, ONTARIO--(Marketwire - May 9, 2012) - Bloom Select Income Fund (the "Fund") (TSX:BLB.UN) is pleased to announce that it has completed the issuance of an additional 474,813 units for gross proceeds of $4,748,130. This issuance was pursuant to the exercise of the over-allotment option granted to the Agents in connection with the Fund's recently completed initial public offering. With the exercise of the over-allotment option, the total gross proceeds raised by the Fund are $54,748,130. The units are listed on the Toronto Stock Exchange under the symbol BLB.UN. The Fund has been created to enable investors to invest in a diversified portfolio comprised primarily of publicly listed or traded Canadian securities. The Fund's portfolio will be actively managed by Bloom Investment Counsel, Inc. (the "Manager"), and will be comprised primarily of eligible high dividend paying Canadian common equity securities, income trusts and real estate investment trusts that have a Beta of less than 1.0 at the time of investment. Beta is a measure of volatility of a security in comparison to the market as a whole. It reflects the tendency of a security's returns to respond to changes in the market. A Beta of less than 1.0 means that the security has historically been less volatile than the market. The Fund's investment objectives are to provide holders of units with: an investment in an actively managed portfolio comprised primarily of Canadian equity securities that exhibit low volatility at the time of investment; monthly cash distributions that have a large component of Canadian eligible dividends; and the opportunity for capital appreciation. Based on the Manager's current estimates, the initial distribution target for the Fund until the period ending December 2013 is expected to be $0.041666 per Unit per month ($0.50 per annum to yield 5.0% on the subscription price of $10.00 per Unit). Although distributions are not expected to change, the Fund intends to annually set distribution targets based on the Manager's assessment of the actual and expected cash flow of the Fund for the period. The syndicate of agents for this offering was co-led by BMO Capital Markets, CIBC and RBC Capital Markets, and included TD Securities Inc., GMP Securities L.P., National Bank Financial Inc., Scotiabank, Canaccord Genuity Corp., Raymond James Ltd., Desjardins Securities Inc., Macquarie Private Wealth Inc., Mackie Research Capital Corporation, Dundee Securities Ltd. and HSBC Securities (Canada) Inc. FOR FURTHER INFORMATION PLEASE CONTACT: Investor RelationsBloom Funds416-861-9941 or