An anonymous director reports

FLAHERTY & CRUMRINE INVESTMENT GRADE FIXED INCOME FUND RENEWS NORMAL COURSE ISSUER BID

Flaherty & Crumrine Investment Grade Fixed Income Fund has renewed its normal course issuer bid to purchase up to 864,300 units of the fund representing approximately 10 per cent of the public float of 8,643,384 units. The fund may purchase up to 172,990 units in any 30-day period, which is 2 per cent of the 8,649,545 issued and outstanding units at Dec. 15, 2014.

As of Dec. 15, 2014, the fund had purchased 261,000 units under its current bid at an average price of $12.47 per unit.

The units may be purchased for cancellation from Dec. 29, 2014, to Dec. 28, 2015, through the facilities of the Toronto Stock Exchange or alternative Canadian trading platforms, and may only be purchased at a price per unit not exceeding the last net asset value per unit. The manager of the fund believes that such purchases are in the best interest of the fund and are a desirable use of its available funds.

We seek Safe Harbor.