Market Overview

Legg Mason BW Investment Grade Focus Fund Closes $2,750,000 Over-Allotment Option for Aggregate Gross Proceeds of $34,750,000

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TORONTO, ONTARIO--(Marketwire - Nov. 1, 2012) -

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

Meadowbank Capital Inc. ("Meadowbank") is pleased to announce that the syndicate of agents for the previously announced initial public offering of Legg Mason BW Investment Grade Focus Fund (TSX:BWI.UN) (the "Fund") has exercised its over-allotment option and acquired an additional 275,000 units of the Fund (the "Units") today. The Fund issued a total of 3,475,000 Units under the offering at a price of $10.00 per Unit for gross proceeds of $34,750,000.

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 is 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 is managed by Meadowbank.

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.

For additional information or inquiries on the Fund please contact Rawn Lakhan, Chief Financial Officer of Meadowbank. For further information on Meadowbank, please visit the web site www.meadowbankcapital.com.

FOR FURTHER INFORMATION PLEASE CONTACT:
Meadowbank Capital Inc.
Rawn Lakhan
Chief Financial Officer
416-864-2264
www.meadowbankcapital.com

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