Purpose Investments Inc. Confirms Transaction and Merger Date for Legg Mason BW Investment Grade Focus Fund and Limited Duration Investment Grade Preferred Securities Fund

TORONTO, ONTARIO--(Marketwired - March 11, 2014) - Purpose Investments Inc. ("Purpose") and Meadowbank Capital Inc. ("Meadowbank"), as the manager of the Legg Mason BW Investment Grade Focus Fund (TSX:BWI.UN) (the "BWI Fund"), are pleased to announce that closing of the following transactions are anticipated to occur on or about March 14, 2014 (the "Effective Date"): (1) the change in the manager and the investment manager of the BWI Fund from Meadowbank and Meadowbank Asset Management Inc. to Purpose; (2) a change of the auditors of the BWI Fund to Ernst & Young LLP; and (3) the merger ("Merger") of the BWI Fund with the Limited Duration Investment Grade Preferred Securities Fund (TSX:PFD.UN), a fund managed by Purpose, (the "Purpose Fund").

The Merger will be effected by the transfer of all of the assets of the BWI Fund in exchange for the assumption of liabilities and issuance of class A units (the "Class A Units") by the Purpose Fund. The exchange ratio for the Merger will be calculated as the relative net asset value between the units of the BWI Fund and the Class A Units of the Purpose Fund as of the close of business on March 13, 2014. Any fractional units will be rounded down to the nearest whole number.

Immediately thereafter, the units of the BWI Fund will be redeemed and the redemption price therefore will be paid by delivering the applicable number of Class A Units of the Purpose Fund to each unitholder of the BWI Fund based on the number of units of the BWI Fund then held. Following the completion of the Merger, the BWI Fund will cease to be a reporting issuer in each of the Provinces and Territories of Canada and will be terminated.

About Meadowbank Capital Inc.

Meadowbank is an investment fund manager. Its principal office is located at 25 Adelaide Street East, Suite 1710, Toronto, Ontario, M5C 3A1.

About Purpose Investments Inc.

Purpose is an investment management firm inspired by the belief that all investors should have access to great investment products at reasonable fees. Through innovative and thoughtful product design and development, Purpose's investment strategies are managed with prudence, a long-term perspective, and with the goal of providing returns that are consistently better than those of a benchmark index. Purpose believes in focusing first on managing risk and creating value that is currently missing from the marketplace, thus empowering all Canadians to be better investors. Purpose is the manager of NexC Partners Corp. (TSX:NXC), an investment corporation which invests in a portfolio of North American dividend-paying equity securities plus an equity stake in Purpose.

Certain statements included in this press 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 funds. These forward-looking statements are not historical facts but reflect Purpose'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 Purpose believes that the assumptions inherent in these 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. Purpose 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.