Legg Mason BW Investment Grade Focus Fund Closes $32,000,000 Initial Public Offering

TORONTO, ONTARIO--(Marketwire - Oct. 18, 2012) -

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Meadowbank Capital Inc. ("Meadowbank") is pleased to announce that Legg Mason BW Investment Grade Focus Fund (the "Fund") (TSX:BWI.UN) has completed its initial public offering of 3,200,000 units (the "Units") at a price of $10.00 per Unit for gross proceeds of $32,000,000. The Units commenced trading on the Toronto Stock Exchange on October 18, 2012 under the symbol BWI.UN.

The Fund has been created to provide exposure, on a tax-advantaged basis, to an actively managed portfolio (the "Portfolio") comprised primarily of global investment grade debt securities. The Portfolio will be actively managed by Brandywine Global Investment Management, LLC ("Brandywine Global"). Brandywine Global is a wholly-owned subsidiary of Legg Mason. As of June 30, 2012, Brandywine Global and Legg Mason had aggregate assets under management of approximately U.S. $39 billion and U.S. $638.1 billion respectively. The Fund will be managed by Meadowbank.

The Fund has granted the agents for the offering an over-allotment option to acquire up to an additional 480,000 Units at a price of $10.00 per Unit exercisable in whole or in part during the next thirty days.

The syndicate of agents for the offering was led by RBC Capital Markets, CIBC, BMO Capital Markets, Scotiabank, Canaccord Genuity Corp., GMP Securities L.P., Macquarie Private Wealth Inc., Raymond James Ltd., Desjardins Securities Inc., Manulife Securities Incorporated and Mackie Research Capital Corporation.

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 that they relate to the Fund. The forward-looking statements are not historical facts but reflect Meadowbank'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 Meadowbank 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. Meadowbank does not undertake any 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.