Top 20 Dividend Trust Announces Exchange Ratios

TORONTO, June 13, 2012 /CNW/ - Scotia Managed Companies Administration Inc., on behalf of Top 20 Dividend Trust (the "Fund"), is pleased to announce the exchange ratios for the securities of the Exchange Eligible Issuers that the Fund may acquire under the offering pursuant to an exchange of such securities (the "Exchange Option").

The Fund is offering units (the "Units") at a price of $10.00 per Unit. The offering is expected to close on or about June 20, 2012. The Toronto Stock Exchange ("TSX") has conditionally approved the listing the Units under the symbol TTY.UN.

The Fund's investment objectives are to provide unitholders with: (i) stable monthly distributions; and (ii) the opportunity for capital appreciation. The Fund will invest the net proceeds of the offering in an equally-weighted portfolio comprised of the 20 highest yielding equity securities included in the S&P/TSX 60 Index. The S&P/TSX 60 Index consists of the 60 largest and most liquid issuers on the TSX and is generally maintained to have sector weights in line with the S&P/TSX Composite Index.

The number of Units issuable in exchange (the "Exchange Ratio") for the securities of an Exchange Eligible Issuer was determined by dividing the volume weighted average trading price of such securities on the TSX during the three consecutive trading days ending on June 12, 2012, as adjusted to reflect dividends and distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $10.00. The Exchange Ratios are rounded down to four decimal places.

The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Fund pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its volume weighted average trading price during the pricing period and its Exchange Ratio.

Exchange Eligible Issuers	TSX Symbol	CUSIP	ISIN	Volume Weighted Average Trading Price ($)	Exchange Ratio
ARC Resources Ltd.	ARX	00208D408	CA00208D4084	19.8992	1.9899
Bank of Montreal	BMO	063671101	CA0636711016	54.2774	5.4277
Bank of Nova Scotia	BNS	064149107	CA0641491075	51.8279	5.1827
BCE Inc.	BCE	05534B760	CA05534B7604	41.3918	4.1391
Canadian Imperial Bank of Commerce	CM	136069101	CA1360691010	70.6045	7.0604
Canadian Oil Sands Ltd.	COS	13643E105	CA13643E1051	19.2055	1.9205
Enerplus Corp.	ERF	292766102	CA2927661025	13.5047	1.3504
Husky Energy Inc.	HSE	448055103	CA4480551031	23.9016	2.3901
Manulife Financial Corp.	MFC	56501R106	CA56501R1064	10.8473	1.0847
National Bank of Canada	NA	633067103	CA6330671034	73.2497	7.3249
Penn West Petroleum Ltd.	PWT	707887105	CA7078871059	13.7190	1.3719
Power Corp. of Canada	POW	739239101	CA7392391016	23.0763	2.3076
Rogers Communications Inc.	RCI/B	775109200	CA7751092007	35.0567	3.5056
Royal Bank of Canada	RY	780087102	CA7800871021	50.3870	5.0387
Shaw Communications Inc.	SJR/B	82028K200	CA82028K2002	19.1881	1.9188
Sun Life Financial Inc.	SLF	866796105	CA8667961053	21.6241	2.1624
TELUS Corp.	T	87971M103	CA87971M1032	58.9534	5.8953
Thomson Reuters Corporation	TRI	884903105	CA8849031056	29.0034	2.9003
TransAlta Corporation	TA	89346D107	CA89346D1078	17.4526	1.7452
TransCanada Corporation	TRP	89353D107	CA89353D1078	42.3361	4.2336

The Units are being offered for sale by a syndicate of agents led by Scotiabank and including BMO Capital Markets, National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Macquarie Private Wealth Inc., Raymond James Ltd., Desjardins Securities Inc., Dundee Securities Ltd. and Manulife Securities Incorporated.

This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from any of the above-mentioned agents. Investors should read the prospectus before making an investment decision.

Investor Relations
Top 20 Dividend Trust
Tel: [phone]
Website: www.scotiamanagedcompanies.com