Press Releases

First Asset Closed-End Funds Confirms Distributions for Year-End 2013

TORONTO, January 9, 2014 First Asset confirms the regular distributions ("Regular Distributions") previously announced on December 18, 2013, for the period ending December 31, 2013. The special distribution announced on December 18, 2013, in respect of First Asset Canadian REIT Income Fund has been revised as noted below under the heading "Special Distribution".

Regular Distributions
The following Regular Distributions will be paid in cash on or before January 15, 2014, to holders of record on December 31, 2013.


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                                                          Confirmed Regular 
Name                                      TSX Symbol Distribution (per unit)
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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 Canadian 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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Utility Split Trust - Capital Units           UST.UN         $          0.05
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Utility Split Trust - Preferred Shares      UST.PR.B         $       0.13125
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Triax Diversified High-Yield Trust            TRH.UN         $          0.07
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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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First Asset CanBanc Split Corp. -                                           
 Preferred Shares                           CBU.PR.A         $        0.1625
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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         $          0.15
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North American Advantaged Convertibles                                      
 Fund                                         NCD.UN         $         0.125
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First Asset Canadian Dividend Opportunity                                   
 Fund II                                      DVF.UN         $       0.04167
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CanBanc 8 Income Corp.                           CBF         $          0.15
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First Asset Morningstar U.S. Consumer                                       
 Defensive Index Fund                         UCD.UN         $          0.05
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First Asset U.S. & Canada LifeCo Income                                     
 Fund                                         ULC.UN         $0.235 (Note 1)
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Note 1 - Includes a pro- rated amount for the period from the Fund's first  
day of trading (August 22, 2013) to December 31, 2013.

Special Distribution
The special distribution announced on December 18, 2013 in respect of First Asset Canadian REIT Income Fund has been revised (the "Special Distribution") as noted in the table below. The Special Distribution is confirmed and will be 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 the Fund, and immediately thereafter, the issued and outstanding capital of the Fund will be consolidated such that the number of issued and outstanding units of the Fund does not change. As a result, the net asset value per unit of the Fund will decrease by an amount equal to the cash portion of the Special Distribution. The cash portion of the Special Distribution 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).

The Special Distribution will be paid (in cash or in securities as described above) on or before January 15, 2014 to holders of record on December 31, 2013.


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                                        Estimated        Revised, Confirmed 
                               TSX Special Distribution Special Distribution
Name                        Symbol      (per unit)           (per unit)     
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                                      In Cash  In Units    In Cash  In Units
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First Asset Canadian                                                        
 REIT Income Fund           RIT.UN      $0.21     $0.64     $0.198    $0.594
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For further information, please call Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.