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

TORONTO, December 18, 2013 – 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, 2013. 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 15, 2014, to holders of record on December 31, 2013.


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                                                           Estimated 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.

Estimated Special Distribution
The following Estimated Special Distribution 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 Estimated 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 Estimated 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 Special Distribution
Name                               TSX Symbol                     (per unit)
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                                                      In Cash       In Units
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First Asset Canadian REIT Income                                            
 Fund (the "Fund")                     RIT.UN            0.21          $0.64
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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.