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Preferred Share Investment Trust: Distribution Press Release

TORONTO, January 10, 2011 - Preferred Share Investment Trust (the "Fund") (TSX:PSF.UN) confirms a distribution amount of $0.38 per Unit for the quarter ending December 31, 2010. The distribution will be paid on or before January 14, 2011 to unitholders of record on December 31, 2010.

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