Matrix to Cap the Matrix Tax Deferred Income Fund and Matrix Tax Deferred Income Trust Pool as a Result of the 2013 Federal Budget

TORONTO, ONTARIO--(Marketwired - April 16, 2013) - Matrix Funds Management ("Matrix Funds")^* announced today that in response to the proposed changes to Canadian tax laws contained in the recent federal budget announced on March 21, 2013, it will be closing the Matrix Tax Deferred Income Fund and Matrix Tax Deferred Income Trust Pool (the "Funds") to new investments.

As previously announced by Matrix Funds on March 22, 2013, the budget proposes new rules that would eliminate tax advantages associated with the use of forward agreements to achieve capital gains treatment on income that would otherwise be treated as ordinary income and is generally described as "character conversion transactions". While definitive legislation has not yet been finalized, Matrix Funds believes that further increases to the size of character conversions will not be permitted. As such, Matrix will close the Funds to new investments after the close of business Wednesday, April 17, 2013 in order to safeguard the interests of existing investors in the Funds. Matrix Funds believes that the budget proposals, as currently interpreted, will allow the Funds to benefit from the tax efficiency offered by the forward agreements until expiry of those agreements. Once all details are known and finalized, Matrix Funds will consider the best course of action for the Funds.

Investors in the Funds are encouraged to consult with their investment advisor/tax advisor regarding the above announcement. Matrix Funds has a wide array of other investment funds that provide tax efficient benefits not impacted by the recent federal budget.

The Matrix Tax Deferred Income Fund recently won the 2013 Lipper Award for its 3 year performance in the Global Equity Balanced Category.

The Funds are managed by Toronto based Liis Palmer, Vice President & Portfolio Manager, Cassels Investment Management Inc. Brookfield Asset Management acts as a sub-advisor to Cassels with respect to the fixed income portion of the portfolios.

* GrowthWorks Capital Ltd., through its Matrix Funds Management operating division, is the manager of the Matrix Funds and a subsidiary of Matrix Asset Management Inc. (TSX:MTA). Matrix Asset Management provides diversified asset and wealth management for both individuals and institutional investors. Please visit www.matrixfunds.ca for more information.

Matrix Funds are distributed through authorized investment dealers. Commissions, trailing commissions, management fees and expenses may be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance provides no assurance or indication of future performance. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. Please review the Fund(s) prospectus carefully for important information before investing.