Advantaged Canadian High Yield Bond Fund Announces Filing of Preliminary Short Form Prospectus

TORONTO, ONTARIO--(Marketwire - Feb. 28, 2012) -

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Scotia Managed Companies Administration Inc. is pleased to announce that the Advantaged Canadian High Yield Bond Fund (the "Fund") (TSX:AHY.UN) has filed a preliminary short form prospectus in each of the provinces and territories of Canada with respect to an additional offering of units of the Fund.

The Fund seeks to achieve the following investment objectives: (i) preserve and enhance the net asset value of the Fund; and (ii) provide unitholders with quarterly tax-advantaged distributions consisting of returns of capital and capital gains, through investment exposure to a diversified portfolio of Canadian high yield fixed income securities.

The syndicate of agents for the offering is being led by Scotia Capital Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc., and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., Acumen Capital Finance Partners Limited, Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Dundee Securities Ltd., Macquarie Private Wealth Inc. and Union Securities Ltd.

A preliminary prospectus containing important information relating to the units has been filed with securities commissions or similar authorities in all provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from your registered financial advisor. There will not be any sale or any acceptance of an offer to buy the units until a receipt for the final prospectus has been issued.

Certain statements included in this news release constitute forward-looking statements. The forward- looking statements are not historical facts but reflect current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Scotia Managed Companies Administration Inc. and the Fund undertake no obligation to update publicly or otherwise revise any forward-looking statement whether as a result of new information, future events or other such factors which affect this information, except as required by law. Investment funds are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There is no assurance that the Fund will be able to achieve its distribution and capital preservation objectives or that the full amount of a unitholders investment in the Fund will be returned.