TSXgroup

April 1, 2009

Preferred Share Investment Trust (the “Trust”) - An application has been granted for the original listing in the Industrial category of up to 11,500,000 transferable, redeemable units (the “Units”) of the Trust, of which up to 10,000,000 Units will be issued and outstanding, and up to 1,500,000 Units will be reserved for issuance upon completion of an initial public offering.

Listing of the Units will become effective at 5:01 p.m. on Thursday, April 2, 2009 in anticipation of the offering closing on Friday, April 3, 2009. The Units will be posted for trading at the opening on Friday, April 3, 2009.

Registration of interests in and transfers of Units will be made only through the book-entry only system of CDS Clearing and Depository Services Inc. (“CDS”). Units must be purchased, transferred and surrendered for retraction only through a CDS Participant. Beneficial owners of Units will not have the right to receive physical certificates evidencing their ownership.

Additional information on the Units may be found in the Trust’s final prospectus dated March 11, 2009 (the “Prospectus”), which is available at www.SEDAR.com. Capitalized terms not otherwise defined herein are as defined in the Prospectus.

Stock Symbol: “PSF.UN”
CUSIP: 74041F 10 2
Trading: CDN $

Temporary Market Maker:                    Raymond James Ltd.

Other Markets:     None.

Head Office Address:     95 Wellington Street West
Suite 1400
Toronto, Ontario
M5J 2N7

Website:               www.firstassetfunds.com

Email Address:     info@firstasset.com

Head Office Telephone Number:     (416) 642-1289

Fax Number:     (416) 362-2199

Investors Relations:     Rob MacNiven
First Asset Investment Management Inc.
Tel: (416) 642-1289
Email: macniven@firstassetfunds.com

Chief Financial Officer:     Karen Wagman
Toronto, Ontario

Incorporation:     The Trust is an investment trust incorporated under the laws of the Province of Ontario pursuant to a declaration of trust dated March 11, 2009.

Manager:               First Asset Investment Management Inc.

Custodian:               NBCN Inc.

Fiscal Year End:     December 31

Transfer Agent & Registrar:     Computershare Investor Services Inc. at its principal office in Toronto.

Nature of Business:     The Trust was created to invest in an actively managed portfolio comprised mainly of Investment Grade Preferred Shares and to a lesser extent Investment Grade Corporate Debt and Convertible Bonds in order to provide Unitholders with the opportunity for growth of their investment value through any capital appreciation of the portfolio and distributions. The Trust’s investment objectives are: (a) to provide Unitholders with quarterly distributions, estimated to initially be $0.175 per Unit ($0.70 per annum representing an annual yield of 7.0% based on the original issue price of a Unit); and (b) to provide Unitholders with the opportunity for capital appreciation from the performance of the portfolio.

Distribution:     The investment objectives of the Trust include the payment of quarterly distributions. The Units will not have a fixed quarterly distribution target. The Trust will at least annually (commencing in April 2010) determine and announce an indicative quarterly distribution amount (the “Indicative Distribution Amount”) for the following 12 months based upon prevailing market conditions and the estimate by the Manager of distributable cash flow for such period. The amount of distributions on Units may however vary from quarter to quarter, notwithstanding this announcement. The initial Indicative Distribution Amount for the period starting in April 2009 and ending in March 2010 is $0.175 per Unit per quarter ($0.70 per annum representing a yield of 7.0% per annum on the original issue price). The required return on the Portfolio, using the maximum permitted leverage, to fund the initial Indicative Distribution Amount, while maintaining a stable NAV, is estimated to be 6.96% per annum on the net proceeds of the Offering, based on certain assumptions described under “Attributes of the Securities – Description of the Units – Distributions”. The Trust intends to pay quarterly cash distributions on the Units to the extent that the distributions on the Portfolio and interest received by the Trust exceed the sum of interest, if any, payable on borrowed funds and the expenses of the Trust. For quarters where a distribution is payable, holders of record of Units on the last Business Day of such calendar quarter will be paid such distribution on or before the 15th Business Day following the end of the period for which the distribution is payable. The initial distribution payable to Unitholders of record on June 30, 2009 will be pro-rated based on an anticipated closing date of April 3, 2009 and is expected to be $0.1692 per Unit. The amount of quarterly distributions may fluctuate from quarter to quarter and there can be no assurance that the Trust will make any distributions in any particular quarter or quarters. Based on the Indicative Portfolio, it is anticipated that distributions will initially consist of approximately 82% dividend income.

Redemption Privileges:     Annual Redemption: Units may be redeemed on the Annual Redemption Date of each year, commencing in September 2010, at a redemption price equal to the NAV per Unit on that date, less the pro rata portion of the Note then outstanding and less any costs associated with the redemption, including commissions and other such costs, if any, related to the liquidation of any portion of the Portfolio required to fund such redemption. The Units must be surrendered for redemption at least ten Business Days prior to the Annual Redemption Date. Payment of the proceeds of redemption will be made on or before the 15th Business Day of the following month.

Monthly Redemption: In addition to the annual redemption, Units may be surrendered at any time for a monthly redemption by the Trust but will be redeemed only on a Redemption Date. Units surrendered for such redemption by a Unitholder at least ten Business Days prior to a Redemption Date will be redeemed on such Redemption Date and such Unitholder will be paid on or before the 15th Business Day of the following month. A Unitholder who properly surrenders a Unit for redemption on a Redemption Date will receive the amount, if any, equal to the lesser of (A) 95% of the weighted average trading price of the Units on the TSX during the 10 trading days preceding the applicable Redemption Date, and (B) the Closing Market Price of the Units on the principal market on which the Units are quoted for trading on the applicable Redemption Date, and in either case, less the pro rata portion of the Note then outstanding and less any costs associated with the redemption, including commissions and other such costs, if any, related to the liquidation of any portion of the Portfolio required to fund such redemption.

Initial Public Offering:     Pursuant to the terms of the Prospectus, up to 10,000,000 Units are being offered to the public at a price of $10.00 per Unit by CIBC World Markets Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., Wellington West Capital Markets Inc., Canaccord Capital Corporation, Dundee Securities Corporation, HSBC Securities (Canada) Inc., Manulife Securities Incorporated, Raymond James Ltd., Richardson Partners Financial Limited, Blackmont Capital Inc., and GMP Securities L.P., as agents. In addition, the agents have been granted an over-allotment option to purchase up to 15% of the aggregate number of Units issued on the closing date at a price of $10.00 per Unit for 30 days following closing.