Diversified Alpha Fund II Announces Normal Course Issuer Bid For Units

TORONTO, May 1, 2012 /CNW/ - Diversified Alpha Fund II (the "Fund") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").

Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is in the best interests of the Fund, up to 506,900 units ("Units") of the Fund, representing approximately 10% of the public float which is the same number of the Fund's issued and outstanding Units, being 5,069,000 Units as of April 27, 2012.  The Fund will not purchase in any given 30-day period, in aggregate, more than 101,380 Units, being 2% of the issued and outstanding Units as of the date hereof.  The Board of Directors of Propel Capital Corporation, the manager of the Fund, believe that such purchases are in the best interests of the Fund.  All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Units purchased by the fund pursuant to the NCIB will be cancelled.  The NCIB will commence on May 3, 2012 and will expire on May 2, 2013.

Raj Lala at Propel Capital at [email protected] or at 416-572-2364 or visit www.propelcapital.ca.