Global Advantaged Telecom & Utilities Income Fund filed a Notice of Intention and received approval from the Toronto Stock Exchange to commence a normal course issuer bid on May 28, 2012. Under the program, the fund will repurchase up to 260,854 trust units, representing 10% of its public float of the units issued and outstanding and 9.9% of units issued and outstanding. The repurchases will be made in accordance with applicable regulations, and will be effected through the facilities of TSX. The trust units and warrants purchased will be cancelled. Global Advantaged will not purchase in any given 30 day period, in the aggregate more than 52,194 shares, being 2% of the issued and outstanding trust units. The purpose of the normal course issuer bid for units is to provide the fund with a mechanism to decrease the potential spread between the net asset value per unit and the market price of the trust units and to provide enhanced liquidity for the units. The bid will be valid for over a maximum period of 12 months commencing from May 28, 2012 and ending on the earlier of May 27, 2013 or on such date as the Fund completes its purchase under the issuer bid or on such date as the Fund may otherwise determine. As of May 17, 2012, Global Advantaged had 2,609,746 trust units issued and outstanding.