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Preferred Share Investment Trust: Distribution Press Release

TORONTO, September 20, 2010 - Preferred Share Investment Trust (the "Fund") (TSX:PSF.UN) announces a distribution of $0.175 per Unit for the quarter ending September 30, 2010. The distribution will be paid on or before October 15, 2010 to unitholders of record on September 30, 2010.

For further information, please call Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.