NEW.PR.C Partial Call for Redemption

Scotia Managed Companies has announced:

NewGrowth Corp. (the “Company”) announced today that it has called 62,784 Preferred Shares for cash redemption on June 26, 2012 (in accordance with the Company’s Articles) representing approximately 2.284% of the outstanding Preferred Shares as a result of the special annual retraction of 62,784 Capital Shares by the holders thereof. The Preferred Shares shall be redeemed on a pro rata basis, so that each holder of Preferred Shares of record on June 22, 2012 will have approximately 2.284% of their Preferred Shares redeemed. The redemption price for the Preferred Shares will be $13.70 per share.

In addition, holders of a further 30 Capital Shares and 30 Preferred Shares have deposited such shares concurrently for retraction on June 26, 2012. As a result, a total of 62,814 Capital Shares and 62,814 Preferred Shares, or approximately 2.285% of both classes of shares currently outstanding, will be redeemed.

Holders of Preferred Shares that are on record for dividends but have been called for redemption will be entitled to receive dividends thereon which have been declared but remain unpaid up to but not including June 26, 2012.

Payment of the amount due to holders of Preferred Shares will be made by the Company on June 26, 2012. From and after June 26, 2012 the holders of Preferred Shares that have been called for redemption will not be entitled to dividends or to exercise any right in respect of such shares except to receive the amount due on redemption.

NewGrowth Corp. is a mutual fund corporation whose investment portfolio consists primarily of publicly listed securities of selected Canadian chartered banks, telecommunication, pipeline and utility issuers. The Capital Shares and Preferred Shares of NewGrowth Corp. are both listed for trading on The Toronto Stock Exchange under the symbols NEW.A and NEW.PR.C respectively.

NEW.PR.C was last mentioned on PrefBlog with respect to last year’s partial call for redemption. NEW.PR.C is tracked by HIMIPref™ but is assigned to the Scraps index on volume concerns.

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