Flaherty & Crumrine Investment Grade Fixed Income Fund Declares Special Year End Distribution

TORONTO, ONTARIO--(Marketwired - Dec. 17, 2015) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

For the year ended December 31, 2015, Flaherty & Crumrine Investment Grade Fixed Income Fund (the "Fund") (TSX:FFI.UN) estimates that it will generate income of approximately $0.32 per unit in excess of its previously announced distributions for the year. As a result, the Fund is pleased to announce a special distribution estimated to be $0.32 per unit to unitholders of record at the close of business on December 31, 2015. The distribution consists of (i) a cash distribution in the amount of $0.16 per unit which approximates the income taxes payable (by taxable holders of the Fund) on the special distribution of income based on the highest marginal Ontario income tax rate for 2015; and (ii) a distribution estimated to be $0.16 per unit that will be automatically reinvested in additional units to be determined based on the net asset value per unit as of December 31, 2015. The estimated amount of $0.16 per unit of automatic reinvestment may change depending on any other transactions occurring before year end. Immediately following issuance, the units of the Fund will be automatically consolidated and as a result, unitholders will hold the same number of units after the distribution as they held before it. The adjusted cost base of a holder's units will be increased by the amount of the distribution reinvested in units as of December 31, 2015. The payment date for the cash distribution of $0.16 per unit will be January 15, 2016.

Unitholders are reminded that the Fund offers a distribution reinvestment plan ("DRIP") which provides unitholders with the ability to automatically reinvest distributions and realize the benefits of compound growth of their investment. Unitholders can enroll in a DRIP program by contacting their investment advisor.

About Brompton Funds

Brompton Funds, a division of Brompton Group which was founded in 2000, is an experienced investment fund manager with over $2.0 billion in assets under management. Brompton's investment solutions include TSX listed closed-end funds, mutual funds, hedge funds and flow-through limited partnerships. For further information, please contact your investment advisor, call Brompton's investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email info@bromptongroup.com or visit our website at www.bromptongroup.com.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy Units nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.

You will usually pay brokerage fees to your dealer if you purchase or sell units of the investment fund on the Toronto Stock Exchange or other alternative Canadian trading system (an "exchange"). If the units are purchased or sold on an exchange, investors may pay more than the current net asset value when buying units of the investment fund and may receive less than the current net asset value when selling them.

There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the Fund. You can find more detailed information about the Fund in the public filings available at www.sedar.com. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this press release and to other matters identified in public filings relating to the Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.