Press Releases

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

TORONTO, June 27, 2012 - North American Advantaged Convertibles Fund (the "Fund") (TSX: "NCD.UN") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fundís 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 1,017,510 Units of the Fund, representing approximately 10% of the public float which is the same number as the Fundís issued and outstanding Units, being 10,175,100 as of the close of business of June 21, 2012. The Fund will not purchase in any given 30-day period, in the aggregate, more than 203,502 Units, representing approximately 2% of the issued and outstanding Units as of the close of business of June 21, 2012. Purchases of Units under the NCIB may commence on June 29, 2012. The Fund believes that such purchases are in the best interests of the Fund and are a desirable use of the Fundís 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 June 28, 2013.

On June 27, 2011, the Fund announced that it was making a Normal Course Issuer Bid, which commenced June 29, 2011, to purchase up to1,028,400 Units through the facilities of the TSX. The Corporation repurchased 107,900 Units at a weighted average price of $8.36 per Unit under the bid, which will expire on June 28, 2012.

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