DPF India Opportunities Fund Announces Intention to Implement Liquidity Event

TORONTO, May 29, 2012 /CNW/ - GCIC Ltd. ("GCICL"), the manager of DPF India Opportunities Fund (TSX:DPF.UN) (the "Fund"), announces on behalf of the Fund its intention to implement a liquidity event in the Fund. The liquidity event may be in the form of: a conversion of the Fund to an open-end mutual fund, a transfer or merger of units of the Fund to an open-end mutual fund, or a termination of the Fund, and is expected to occur on or about June 30, 2014, subject to receipt of all necessary approvals.

"India's healthy demographics, evolving policy reforms and strong consumer sector are several of the reasons that attracted us to invest in the country. The dynamics that have led to India's success have not changed but over the past year the country has been faced with a number of headwinds including high oil prices, a slowdown in policy reforms, and elevated levels of inflation", commented Rohit Sehgal, Vice President and Chief Investment Strategist of GCICL and the Fund's portfolio manager. "We still see India as a country that can grow at high levels and we believe the economy will be aided by lower oil prices, rate cuts from the central bank and the strong consumer cycle."

The Fund (www.dpfopportunities.com) is a TSX-listed closed-end investment trust which seeks to enhance the value of the trust units offered primarily through capital appreciation driven by an actively managed, diversified investment portfolio.

About GCICL
GCICL is a subsidiary of DundeeWealth Inc. and the manager of the portfolio mentioned above. GCICL offers a wide range of wealth management solutions through financial advisors. These include the mutual funds and hedge funds of Dynamic Funds, the portfolio solutions of the Marquis Investment Program and the high net worth investment counsel of DundeeWealth Investment Counsel. DundeeWealth Inc. is a wholly-owned subsidiary of Scotiabank.

"This press release contains forward-looking information. The forward-looking information contained in this press release is not historical information but reflects the Fund's current intentions or expectations regarding future results or events. The forward looking information is subject to a number of risks, uncertainties and other factors that could influence actual  results or events and cause them to differ materially from current intentions or expectations, including whether the anticipated liquidity event will occur and the specific nature of such liquidity event and applicable market events. Risk and uncertainties are described under "Risk Factors" in the Fund's prospectus and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the Fund's current intention or estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking information contained in this press release represents the Fund's intention or estimate as of any date other than the date of this press release and are cautioned not to place undue reliance on such information due to the inherent uncertainty therein. Except where required by under applicable securities legislation, GCICL does not undertake to update any forward looking information."

The above is for informational purposes only and is not, and under no circumstances shall be construed as an offering of the portfolios mentioned herein or any other securities or as investment advice. Investors should read the simplified prospectus of the portfolios for information about the portfolios' investment objectives, strategies and the risks associated with an investment in the portfolios before investing. Investors should discuss the suitability of the portfolios with their investment advisor before making any investment decisions.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

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Ann DeRabbie
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