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

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.

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