Canadian Premium Select Income Fund, (TSX:HCS.UN), Announces Distribution Amount for Twelve Months Commencing January 31, 2013

OAKVILLE, ONTARIO--(Marketwire - Dec. 20, 2012) - Canadian Premium Select Income Fund, (TSX:HCS.UN), (the "Fund") announces an expected monthly distribution amount for the following twelve months commencing January 31, 2013 of $0.065 per Trust Unit ($0.78 per annum). This monthly distribution amount remains the same as the regular monthly distribution paid by the Fund since its inception.

The Fund invests in a diversified 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 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.

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 forward-looking statements are not historical facts but reflect the Fund's, Harvest, the manager of the Fund and/or 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, Harvest, the manager of the Fund and/or investment manager's 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, Harvest, the manager of the Fund and/or 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.