First Asset

First Asset

December 19, 2011 22:10 ET

First Asset Announces Estimated Distributions for 2011 Year-End

TORONTO, ONTARIO--(Marketwire - Dec. 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.

Name TSX
Symbol
Regular
Distribution
First Asset Yield Opportunity Trust - Series A FAY.UN $0.1458
First Asset Yield Opportunity Trust - Series B FAY.U $0.044 (USD)
First Asset REIT Income Fund RIT.UN $0.05
First Asset Pipes & Power Income Fund EWP.UN $0.03
Triax Diversified High-Yield Trust TRH.UN $0.07
First Asset Canadian Dividend Opportunity Fund DOF.UN $0.05
First Asset Diversified Convertible Debenture Fund DCD.UN $0.30
Preferred Share Investment Trust PSF.UN $0.175
CanBanc Income Corp. CIC $0.175
Can-60 Income Corp. CSY $0.1625
Canadian Advantaged Convertibles Fund ADC.UN $0.15
Can-Financials Income Corp. FIC $0.175
North American Advantaged Convertibles Fund NCD.UN $0.125
Canadian REIT Income Fund RIU.UN $0.1612 *
* 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.

Name TSX
Symbol
Special
Distribution
In Cash In Shares
First Asset REIT Income Fund RIT.UN $0.1875 $0.5625
First Asset Canadian Dividend Opportunity Fund DOF.UN $0.0975 $0.2925

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