Press Releases

North American Advantaged Convertibles Fund Announces Normal Course Issuer Bid for Units

TORONTO, June 27, 2011 - North American Advantaged Convertibles Fund (the "Fund") (TSX:NCD.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 1,028,400 Units of the Fund, representing 10% of the public float which is the same number as the Fund's issued and outstanding Units, being 10,284,000 Units as of the close of June 24, 2011. The Fund will not purchase in any given 30-day period, in the aggregate, more than 205,680 Units, being 2% of the issued and outstanding Units as of the date hereof. Purchases of Units under the NCIB may commence on June 29, 2011. 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 not be cancelled and will be held for resale after an application for relief to such resale has been approved by the applicable securities regulators. The NCIB will expire on June 28, 2012.

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