Press Releases

First Asset Announces Estimated Distributions for 2011 Year-End

TORONTO, December 19, 2011 - First Asset announces the following estimated regular distributions ("Estimated Regular Distributions") and estimated special distributions (if any) ("Estimated Special Distributions") for the year ending December 31, 2011 for the Funds listed below. The final distribution amounts will be announced shortly after the year-end, and prior to payment, once each Fund's year-end tax position is finalized.

Estimated Regular Distributions

The following Estimated Regular Distributions will be paid in cash on or before January 13, 2012, to holders of record on December 30, 2011.


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                                                          TSX        Regular
Name                                                   Symbol   Distribution
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First Asset Yield Opportunity Trust - Series A         FAY.UN        $0.1458
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First Asset Yield Opportunity Trust - Series B          FAY.U   $0.044 (USD)
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First Asset REIT Income Fund                           RIT.UN          $0.05
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First Asset Pipes & Power Income Fund                  EWP.UN          $0.03
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Triax Diversified High-Yield Trust                     TRH.UN          $0.07
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First Asset Canadian Dividend Opportunity Fund         DOF.UN          $0.05
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First Asset Diversified Convertible Debenture Fund     DCD.UN          $0.30
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Preferred Share Investment Trust                       PSF.UN         $0.175
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CanBanc Income Corp.                                      CIC         $0.175
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Can-60 Income Corp.                                       CSY        $0.1625
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Canadian Advantaged Convertibles Fund                  ADC.UN          $0.15
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Can-Financials Income Corp.                               FIC         $0.175
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North American Advantaged Convertibles Fund            NCD.UN         $0.125
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Canadian REIT Income Fund                              RIU.UN    $0.1612 (i)
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(i) This distribution includes a pro rated amount for the period from the   
closing of the Fund's initial public offering (September 16, 2011) to       
December 31, 2011.

Estimated Special Distributions

The following Estimated Special Distributions will paid in cash and in units. One-quarter will be paid in cash, and the balance will be paid by the issuance of units of each Fund, and immediately thereafter, the issued and outstanding capital of each Fund will be consolidated such that the number of issued and outstanding units of each Fund does not change. As a result, the net asset value per unit of each Fund will decrease by an amount equal to the cash portion of the Special Distribution. The cash portion of the Estimated Special Distributions is intended to cover the maximum tax liability for capital gains for unitholders in the highest marginal tax bracket (premised on the special distribution being comprised of capital gains).

All of the Estimated Special Distributions will be payable on December 30, 2011, and will be paid (in cash or in securities as described above) on or before January 13, 2012 to holders of record on December 30, 2011.


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                                                 TSX          Special       
Name                                            Symbol      Distribution    
                                                       ---------------------
                                                          In Cash  In Shares
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First Asset REIT Income Fund                     RIT.UN   $0.1875    $0.5625
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First Asset Canadian Dividend Opportunity Fund   DOF.UN   $0.0975    $0.2925
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For further information, please contact Rob MacNiven, Investor Relations at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.