Top 20 Dividend Trust Completes Initial Public Offering

TORONTO, June 20, 2012 /CNW/ - Scotia Managed Companies Administration Inc. is pleased to announce that Top 20 Dividend Trust (the "Fund") has completed its initial public offering of 7,600,000 units (the "Units") for gross proceeds of $76,000,000. Each Unit is offered at a price of $10.00. The Units commence trading on the Toronto Stock Exchange today 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. Highstreet Asset Management Inc., the portfolio manager and options advisor, will write covered call options from time to time in respect of not more than 25% of the portfolio in order to earn income from option premiums to supplement the dividends and distributions generated by the portfolio.

The Units were 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.

For further information:

Investor Relations
Top 20 Dividend Trust
Tel: (416) 863-7801
Website: www.scotiamanagedcompanies.com