TORONTO, ONTARIO--(Marketwired - July 11, 2014) -

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

PineBridge Investment Grade Preferred Securities Fund (the "Fund") (TSX:PRF.UN) is pleased to announce that the Fund has issued an additional 55,686 units of the Fund (the "Units") pursuant to the exercise of the over-allotment option by the syndicate of agents. In total, the Fund has issued 1,355,686 Units pursuant to its initial public offering (the "Offering"), yielding gross proceeds of $33,892,150. The Units are listed on the Toronto Stock Exchange under the symbol PRF.UN.

PineBridge Investments LLC ("PineBridge Investments" or the "Portfolio Manager"), a leading global multi-asset class manager, is responsible for implementing the investment strategy of the Fund. BMO Nesbitt Burns Inc. (the "Manager") is the promoter of the Fund, was one of the agents in connection with the Offering, and acts as the manager of the Fund.

The Fund has been established to provide holders of Units ("Unitholders") with an investment in a global portfolio (the "Portfolio") comprised primarily of investment grade preferred securities. The Fund's investment objectives are to: (i) provide Unitholders with monthly cash distributions; (ii) preserve the net asset value per Unit; and (iii) reduce the risk of rising interest rates by managing Portfolio duration.

The monthly cash distributions to Unitholders are initially targeted to be $0.125 per Unit ($1.50 per annum per Unit) representing an annual yield of 6.0% on the issue price of $25.00 per Unit.

PineBridge Investments is a global asset management firm with nearly 60 years of experience in investing in developed and emerging markets. The Portfolio Manager has a globally integrated investment platform that offers core and specialized alpha-oriented solutions across asset allocation, equities, fixed income and alternatives. The Portfolio Manager, together with its affiliates, had approximately US $71.4 billion of assets under management as of March 31, 2014, including US$ 33.9 billion in fixed income securities.

The syndicate of agents for the Offering was co-led by BMO Capital Markets, CIBC and Scotiabank, and included National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Mackie Research Capital Corporation, Manulife Securities Incorporated, Burgeonvest Bick Securities Limited, Dundee Securities Limited, Industrial Alliance Securities Inc. and Laurentian Bank Securities Inc.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities of the Fund have not been registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States or to a U.S. person absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

PINEBRIDGE INVESTMENT GRADE PREFERRED SECURITIES FUND