Canadian Premium Select Income Fund Raises an Additional $660,000 for Total Gross Proceeds of $25,879,944 as the Over-Allotment Option is Exercised by the Agents

TORONTO, ONTARIO--(Marketwire - Dec. 7, 2011) - Harvest Portfolios Group Inc. (the "Manager") is pleased to announce that Canadian Premium Select Income Fund (TSX:HCS.UN)(TSX:HCS.WT) (the "Fund") issued an additional 55,000 Units of the Fund today pursuant to the exercise by the Agents of their Over-Allotment Option. Total gross proceeds raised by the Fund in its initial public offering were $25,879,944. Effective today, the Units have separated into Trust Units and Warrants and now trade on the Toronto Stock Exchange independently under the symbols HCS.UN and HCS.WT, respectively. Each Warrant entitles the holder to purchase one Trust Unit at the subscription price of $12.00 per Trust Unit at 5:00 p.m. (Toronto time) on and only on May 31, 2013.

The Fund will invest in a diversified portfolio (the "Portfolio") of Equity Securities of 15 Canadian issuers with a market capitalization of at least $1 billion, selected and rebalanced semi-annually on an equally weighted basis by Highstreet Asset Management Inc. (the "Investment Manager" or "Highstreet") from the S&P/TSX Composite Dividend Index.

The investment objectives of the Fund are to provide Unitholders with (i) monthly cash distributions; (ii) the opportunity for capital appreciation; and (iii) lower overall volatility of the Portfolio returns than would otherwise be experienced by owning the Equity Securities held by the Fund directly; by investing in the Portfolio and writing covered call options on no more than 33% of the Equity Securities of each issuer held in the Portfolio.

The initial targeted monthly distributions for the 12 months ended December 2012 are $0.065 per Trust Unit. The initial monthly cash distribution of $0.065 per Trust Unit is payable on January 15, 2012 to Unitholders of record on December 31, 2011.

Highstreet will be responsible for the execution of the Fund's overall investment strategy, including managing the composition of the Portfolio.

The syndicate of agents for the offering was led by CIBC and BMO Capital Markets, and includes RBC Capital Markets, Canaccord Genuity Corp., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., Raymond James Ltd., HSBC Securities (Canada) Inc., Macquarie Private Wealth Inc., Dundee Securities Ltd. and Industrial Alliance Securities Inc. (collectively, the "Agents").

Counsel on behalf of the Fund and the Manager is Borden Ladner Gervais LLP and counsel on behalf of the Agents is Blake, Cassels & Graydon LLP.

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Fund, the Manager and/or the Investment Manager. The forward-looking statements are not historical facts but reflect the Fund's, the Manager and/or the Investment Manager's 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. Although the Fund, the Manager and/or the Investment Manager believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Fund, the Manager and/or the Investment Manager undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

All capitalized terms noted herein but not defined are as defined in the Fund's prospectus dated October 28, 2011.

For additional information please contact your registered financial advisor.