Flaherty & Crumrine Investment Grade Fixed Income Fund Renews Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - Dec. 21, 2012) - Flaherty & Crumrine Investment Grade Fixed Income Fund (TSX:FFI.UN) has renewed its normal course issuer bid to purchase up to 973,600 units of the Fund representing approximately 10% of the public float of 9,736,526 units. The Fund may purchase up to 196,088 units in any 30 day period which is 2% of the 9,804,401 issued and outstanding units at December 17, 2012.

As of December 17, 2012, the Fund had purchased 55,600 units under its current bid at an average price of $11.40 per unit.

The units may be purchased for cancellation from December 28, 2012 to December 27, 2013 through the facilities of the TSX or other eligible alternative market and may only be purchased at a price per unit not exceeding the last net asset value per unit. The Manager of the Fund believes that such purchases are in the best interest of the Fund and are a desirable use of its available funds.

About Brompton Funds

Brompton Funds, a division of Brompton Group, is a leading and experienced investment fund manager. Brompton is focused on meeting the needs of investors by offering low cost, innovative products with client friendly terms and supported by strong corporate governance. 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.

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the Fund's publicly filed documents which are available from SEDAR 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.