CANADIAN UTILITIES & TELECOM INCOME FUND CLOSES INITIAL PUBLIC OFFERING AT $58.8 MILLION

TORONTO, Dec. 17 /CNW/ - Mulvihill Capital Management Inc. ("MCM" or the "Manager") is pleased to announce that Canadian Utilities & Telecom Income Fund (the "Fund") has completed its initial public offering of 4,900,000 units (the "Units") for gross proceeds of $58.8 million.  Each Unit is offered at a price of $12.00. The Units commence trading on the Toronto Stock Exchange today under the symbol UTE.UN.

The Fund's investment objectives are (i) to pay holders of its Units ("Unitholders") monthly distributions in an amount targeted to be 7.0% per annum on the net asset value ("NAV") of the Fund; and (ii) to preserve and enhance the Fund's NAV while reducing portfolio volatility.

The Fund will seek to achieve its investment objectives by investing in a portfolio consisting principally of equity securities of large capitalization (over $1 billion) utility and, to a lesser degree, telecommunications issuers listed on the Toronto Stock Exchange ("TSX"). Issuers selected for inclusion in the portfolio must have a minimum distribution yield of 2.0% per annum.

MCM may also invest up to 20% of the Fund's NAV in equity securities of other utilities and telecommunications issuers listed on a North American stock exchange, subject to a minimum market capitalization of $250 million and a minimum distribution yield of 2.0% per annum. MCM intends generally to include between 15 and 20 issuers in the Fund's portfolio.

MCM believes, based on its research and analysis, that a large capitalization portfolio of securities in the utilities and telecommunications sectors is an attractive long-term investment due to the more predictable cash flows generated from long-term tangible assets and high barriers to entry, combined with generally high and historically growing dividends from issuers in these two sectors which are generally viewed as being defensive investments.

The following table lists the current universe of issuers in which the Fund may invest (the "Portfolio Universe"):

BCE Inc.	TransAlta Corporation	Provident Energy Trust
TransCanada Corporation	Inter Pipeline Fund	Just Energy Income Fund
Enbridge Inc.	Emera Incorporated	Manitoba Telecom Services Inc.
Rogers Communications Inc.	Pembina Pipeline Corporation	Capital Power Corporation
TELUS Corporation	Bell Aliant Regional	Fort Chicago Energy Partners L.P.
Shaw Communications Inc.	Communications Income Fund	AltaGas Ltd.
Canadian Utilities Limited	Keyera Facilities Income Fund	Northland Power Income Fund
Fortis Inc.	Brookfield Renewable Power Fund	Capital Power Income L.P.

The syndicate of agents for the offering was co-led by RBC Capital Markets and CIBC World Markets Inc. and included BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Raymond James Ltd., Canaccord Genuity Corp., Dundee Securities Corporation, Mackie Research Capital Corporation and Manulife Securities Incorporated.

For further information, please contact our investor relations line at 416.681.3966, toll free at 1.800.725.7172 or visit www.mulvihill.com.