Canadian 50 Advantaged Preferred Share Fund Declares Advance Distribution

TORONTO, Nov. 21, 2012 /CNW/ - Connor, Clark & Lunn Capital Markets Inc., the Manager of Canadian 50 Advantaged Preferred Share Fund (the "Fund"), has declared an advance distribution (the "Advance Distribution") of $0.2083 per Class A Unit and Class F Unit of the Fund to be paid on December 17, 2012 to Unitholders of record on November 30, 2012.  The Advance Distribution is equivalent to two-thirds of the current quarterly distribution per Unit.  An additional distribution of $0.1042 per Unit, equivalent to one-third of the quarterly distribution per Unit, will be paid on January 15, 2013 to Unitholders of record on December 31, 2012.

The Advance Distribution is being paid in order to treat existing Unitholders and new Unitholders who will acquire Units pursuant to a proposed offering of Class A Units and Class F Units (the "Offering") equitably.  The Offering is being made pursuant to a preliminary prospectus dated November 5, 2012 and is intended to close prior to the next quarterly record date, December 31, 2012.   Details of the Advance Distribution are also included in the preliminary prospectus for the Offering.

Fund	Trading Symbol	Distribution Amount (per Unit)	Record Date	Payable Date	Distribution Amount Annualized	TSX Trading Price Per Unit as of Nov. 20, 2012	Current Yield
Canadian 50 Advantaged Preferred Share Fund  (Class A Units and Class F Units)*	CPF.UN	$0.2083	Nov. 30, 2012	Dec. 17, 2012	$1.25	$24.25	5.2%

*Distributions are expected to be characterized as 100% return of capital.

The Fund's investment objectives are to provide (i) tax-advantaged quarterly cash distributions consisting primarily of returns of capital; and (ii) low-cost exposure to the total return approximating that of the BMO Capital Markets 50 Preferred Share Index (the "Preferred Share 50 Index").  The Preferred Share 50 Index is a market value weighted index created in 1992 to provide a benchmark representing the Canadian preferred share market and includes 50 Canadian preferred share issues that are listed on the Toronto Stock Exchange which satisfy specific inclusion criteria.

Connor, Clark & Lunn Capital Markets Inc. (CC&L Capital Markets) is a leading Canadian structured financial products investment firm that is focused on creating and managing high quality investment vehicles that will stand the test of time and ultimately allow our clients to achieve their personal financial goals. Formed in 2001, CC&L Capital Markets has designed, launched and currently manages several investment vehicles, raising approximately $2.2 billion in assets since 2004.

CC&L Capital Markets is part of the Connor, Clark & Lunn Financial Group.  Connor, Clark & Lunn Financial Group provides investment management services to individuals, advisors, pension plans, institutional investors and foundations.  The investment platform offers a broad range of traditional and alternative investment management services, including domestic and international equities and fixed income, hedge funds, private equity and infrastructure.

As Canada's only multi-boutique asset management firm, Connor, Clark & Lunn Financial Group is uniquely focused on creating the conditions for success for its clients, partners and employees.  The firm has offices in Vancouver, Edmonton, Calgary, Regina, Toronto, Ottawa and Montreal and through its affiliated investment managers is responsible for the investment of over $42 billion in assets under management.

SOURCE: Canadian 50 Advantaged Preferred Share Fund

please visit www.cclcapitalmarkets.com or contact:

Darren Cabral
Vice President & CFO
Connor, Clark & Lunn Capital Markets Inc.
416-214-6182
Toll Free: 1-888-276-2258
[email protected]