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Canadian Advantaged Convertibles Fund: Announces Exercise of Over-Allotment Option

TORONTO, January 12, 2011 - Canadian Advantaged Convertibles Fund (the "Fund") (TSX: ADC.UN) announces that the Fund's syndicate of agents for its initial public offering has exercised its over-allotment option and acquired an additional 250,000 units of the Fund. In total, the Fund issued 9,750,000 units (the "Units") pursuant to its initial public offering, yielding gross proceeds of $97.5 million. The Units are listed on the Toronto Stock Exchange under the symbol ADC.UN.

The syndicate of agents for this offering was led by CIBC, National Bank Financial Inc. and RBC Capital Markets, and included, BMO Capital Markets, Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Raymond James Ltd., Canaccord Genuity Corp., Wellington West Capital Markets Inc., Dundee Securities Corporation, Macquarie Private Wealth Inc. and Mackie Research Capital Corporation.

For further information, please call Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.