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Preferred Share Investment Trust Completes Merger with First Asset Preferred Share ETF

TORONTO, November 2, 2016 - Further to its press release on October 26, 2016, First Asset Investment Management Inc. (the "Manager") announces that the merger of Preferred Share Investment Trust (TSX: PSF.UN) (the "Fund") with First Asset Preferred Share ETF (the "First Asset ETF") (TSX: FPR) was implemented after the close of business on November 1, 2016.

In connection with the Merger, each issued and outstanding unit of the Fund received 0.29955 Unit of the First Asset ETF.

First Asset - Smart SolutionsTM
First Asset, a CI Financial Company, is a Canadian investment firm delivering a comprehensive suite of smart ETF solutions. Rooted in strong fundamentals, First Asset's smart solutions strive to deliver better risk-adjusted returns than the broad market, while helping investors achieve their personal financial goals.

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

TMFirst Asset and its logo are trademarks of First Asset Capital Corp., a wholly-owned subsidiary of CI Financial Corp. which is listed on the Toronto Stock Exchange under the symbol "CIX". ®CI FINANCIAL is a registered trademark of CI Investments Inc., used under license.

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