U.S. Banks Income & Growth Fund Announces Exchange Ratios for Exchange Option

TORONTO, Dec. 8, 2015 /CNW Telbec/ - Purpose Investments Inc., on behalf of the U.S. Banks Income & Growth Fund (the "Fund"), is pleased to announce the exchange ratios for the exchange offer by the Fund (the "Exchange Option") being made under the final prospectus of the Fund dated November 25, 2015.

The Fund's investment objectives are to:
(i)  maximize total return through capital appreciation and distributions; and
(ii) provide unitholders with monthly distribution.

To achieve its investment objectives, the Fund will invest in a portfolio (the "Portfolio") comprised primarily of equity securities from a universe of financial sector securities listed in the U.S., including but not limited to commercial banks and industrial banks, and financial services companies such as insurance companies and financial holding companies. At least 50% of the foreign currency exposure within the Portfolio will be hedged back to the Canadian dollar at all times.

The initial target distribution yield for the fund is 5.0% per annum based on the original subscription price (or $0.0417 per unit per month or $0.50 per unit per annum).

The number of units issuable for each class of security of an Exchange Eligible Issuer (as listed below) (the "Exchange Ratio") has been determined by dividing the weighted average trading price of such security during the period of five consecutive trading days ending on December 8, 2015 (the "Pricing Period"), as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $10.00. The Exchange Ratio for any such securities that do not trade in Canadian dollars have been determined by converting the weighted average trading price on the applicable exchange of such securities into Canadian dollars based on the Bank of Canada noon rate of exchange on the last day of the Pricing Period. Holders of securities of Exchange Eligible Issuers who deposited such securities pursuant to the Exchange Option will continue to be holders of record up to but not including the date of the closing of the offering of units and will be entitled to receive distributions in respect of such securities of Exchange Eligible Issuers that are declared up to but not including such date. Each Exchange Ratio has been rounded down to five 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 the Exchange Ratio.

NAME	TICKER SYMBOL	CUSIP	ISIN	VWAP ($)	EXCHANGE RATIO
Aflac Inc	AFL US	001055102	US0010551028	63.4864	8.62970
Bank of America Corp	BAC US	060505104	US0605051046	17.5502	2.38559
Bank of New York Mellon Corp	BK US	064058100	US0640581007	43.4942	5.91216
BB&T Corp	BBT US	054937107	US0549371070	38.4716	5.22944
Citigroup Inc	C US	172967424	US1729674242	54.2439	7.37337
Citizens Financial Group Inc	CFG US	174610105	US1746101054	26.6131	3.61751
CNA Financial Corp	CNA US	126117100	US1261171003	36.5879	4.97339
Comerica Inc	CMA US	200340107	US2003401070	44.8342	6.06576
Fifth Third Bancorp	FITB US	316773100	US3167731005	20.6230	2.80328
KeyCorp	KEY US	493267108	US4932671088	13.1807	1.79165
MetLife Inc	MET US	59156R108	US59156R1086	50.3247	6.84063
Morgan Stanley	MS US	617446448	US6174464486	34.7672	4.72590
Regions Financial Corp	RF US	7591EP100	US7591EP1005	10.0121	1.35278
Unum Group	UNM US	91529Y106	US91529Y1064	36.4033	4.94830
Bank of Montreal	BMO CN	063671101	CA0636711016	78.6412	7.86412
Bank of Nova Scotia	BNS CN	064149107	CA0641491075	58.8801	5.88801
Canadian Imperial Bank of Commerce	CM CN	136069101	CA1360691010	97.1367	9.71367
National Bank of Canada	NA CN	633067103	CA6330671034	43.2482	4.32482
Royal Bank of Canada	RY CN	780087102	CA7800871021	75.8800	7.58800
Toronto-Dominion Bank	TD CN	891160509	CA8911605092	54.2437	5.42437
Great-West Lifeco Inc	GWO CN	39138C106	CA39138C1068	35.6550	3.56550
Industrial Alliance Insurance & Financial Services Inc	IAG CN	455871103	CA4558711038	45.5151	4.55151
Manulife Financial Corp	MFC CN	56501R106	CA56501R1064	22.0250	2.20250
Sun Life Financial Inc	SLF CN	866796105	CA8667961053	44.0361	4.40361

The syndicate of agents is being led by National Bank Financial Inc. and includes BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., GMP Securities L.P., Canaccord Genuity Corp., Manulife Securities Incorporated, Desjardins Securities Inc., Dundee Securities Ltd., Global Securities Corporation, Industrial Alliance Securities Inc., Mackie Research Capital Corporation and PI Financial Corp.

This offering is made by prospectus. The prospectus contains important information about the securities being offered. Copies of the prospectus may be obtained from your IIROC registered financial advisor using the contact information for such advisor. Investors should read the prospectus before making an investment decision.

SOURCE U.S. Banks Income & Growth Fund

For further information, please visit our website at www.purposeinvest.com or contact Dan Rubin Vice President, Marketing, at [phone] or toll-free at [email protected]