Pour diffusion

Preferred Share Investment Trust Files Preliminary Prospectus

TORONTO, February 9, 2009 - Preferred Share Investment Trust (the "Trust") announces that it has filed a preliminary prospectus with the securities regulatory authorities of all of the Canadian provinces for an initial public offering of trust units (the "Units").

The Trust has been created to invest in an actively managed portfolio (the "Portfolio") comprised primarily of investment grade preferred shares and to a lesser extent investment grade corporate debt and convertible bonds in order to provide Unitholders with the opportunity for growth of their investment value through any capital appreciation of the Portfolio and quarterly distributions.

The Portfolio will be actively managed by Catapult Financial Management Inc., a subsidiary of Aston Hill Financial Inc. Mr. Ben Cheng will be the lead portfolio manager responsible for the Portfolio. First Asset Investment Management Inc. will act as the manager of the Trust.

The Trust's investment objectives are:

  1. to provide Unitholders with quarterly distributions, estimated to initially be $0.175 per Unit ($0.70 per annum representing an annual yield of 7.0% based on the original issue price of a Unit of $10.00); and
  2. to provide Unitholders with the opportunity for capital appreciation from the performance of the Portfolio.

At closing the Manager will issue a note ("Note") to the Trust in an amount equal to the fees and expenses associated with the offering and accordingly, it is anticipated that the initial net asset value per Unit will be $10.00. The Note will be used to reimburse the Trust for the expenses of the offering and will be repaid over eight years with interest.

Prospective purchasers may purchase Units either by cash payment or by an exchange of freely tradeable securities of each class or series of securities described in the tables below. Prospective purchasers under the Exchange Option will be required to deposit their eligible securities prior to 5:00 p.m. (Toronto time) on March 6, 2009 in the manner described in the preliminary prospectus.

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Preferred Shares                                        Ticker        CUSIP
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5Banc Split Inc.                                      FBS.PR.B    33828T404
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ATCO Ltd. Series '3'                                  ACO.PR.A    046789806
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BAM Split Corp. Series '3'                            BNA.PR.C    05936N404
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Bank of Montreal Series '10'                          BMO.PR.V    063671838
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Bank of Montreal Series '13'                          BMO.PR.J    063671812
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Bank of Montreal Series '14'                          BMO.PR.K    063671143
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Bank of Montreal Series '15'                          BMO.PR.L    063671796
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Bank of Montreal Series '16'                          BMO.PR.M    063671788
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Bank of Montreal Series '18'                          BMO.PR.N    063671150
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Bank of Montreal Series '5'                           BMO.PR.H    063671853
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Bank of Nova Scotia Series '12'                       BNS.PR.J    064149818
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Bank of Nova Scotia Series '13'                       BNS.PR.K    064149792
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Bank of Nova Scotia Series '14'                       BNS.PR.L    064149784
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Bank of Nova Scotia Series '15'                       BNS.PR.M    064149776
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Bank of Nova Scotia Series '16'                       BNS.PR.N    064149768
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Bank of Nova Scotia Series '17'                       BNS.PR.O    064149750
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Bank of Nova Scotia Series '18'                       BNS.PR.P    064149743
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Bank of Nova Scotia Series '20'                       BNS.PR.Q    064149727
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Bank of Nova Scotia Series '22'                       BNS.PR.R    064149693
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Bank of Nova Scotia Series '26'                       BNS.PR.T    064149677
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Bank of Nova Scotia Series '28'                       BNS.PR.X    064149651
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BCE Inc. Series '16'                                  BCE.PR.F    05534B745
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BCE Inc. Series '18'                                  BCE.PR.H    05534B729
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BCE Inc. Series '19'                                  BCE.PR.I    05534B711
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BCE Inc. Series 'AA'                                  BCE.PR.A    05534B794
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BCE Inc. Series 'AB'                                  BCE.PR.B    05534B695
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BCE Inc. Series 'AC'                                  BCE.PR.C    05534B786
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BCE Inc. Series 'R'                                   BCE.PR.R    05534B703
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BCE Inc. Series 'S'                                   BCE.PR.S    05534B869
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BCE Inc. Series 'T'                                   BCE.PR.T    05534B810
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BCE Inc. Series 'Y'                                   BCE.PR.Y    05534B851
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BCE Inc. Series 'Z'                                   BCE.PR.Z    05534B828
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Big 8 Split Inc. Series '1'                           BIG.PR.B    089142301
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BPO Properties Ltd. Series 'G'                        BPP.PR.G    05565B200
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BPO Properties Ltd. Series 'J'                        BPP.PR.J    05565B408
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BPO Properties Ltd. Series 'M'                        BPP.PR.M    05565B507
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Brompton Equity Split Corp.                            BE.PR.A    11220X207
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Brompton Lifeco Split Corp. Series 'A'                LCS.PR.A    112216205
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Brompton Split Banc Corp.                             SBC.PR.A    11221E208
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Brookfield Asset Management Inc. Series '10'          BAM.PR.H    112585708
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Brookfield Asset Management Inc. Series '11'          BAM.PR.I    112585807
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Brookfield Asset Management Inc. Series '12'          BAM.PR.J    112585880
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Brookfield Asset Management Inc. Series '13'          BAM.PR.K    112585872
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Brookfield Asset Management Inc. Series '17'          BAM.PR.M    112585831
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Brookfield Asset Management Inc. Series '18'          BAM.PR.N    112585823
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Brookfield Asset Management Inc. Series '2'           BAM.PR.B    112585203
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Brookfield Asset Management Inc. Series '21'          BAM.PR.O    112585765
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Brookfield Asset Management Inc. Series '4'           BAM.PR.C    112585401
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Brookfield Asset Management Inc. Series '9'           BAM.PR.G    112585609
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Brookfield Properties Corporation Series 'F'          BPO.PR.F    112900600
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Brookfield Properties Corporation Series 'G'          BPO.PR.U    112900709
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Brookfield Properties Corporation Series 'H'          BPO.PR.H    112900808
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Brookfield Properties Corporation Series 'I'          BPO.PR.I    112900881
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Brookfield Properties Corporation Series 'J'          BPO.PR.J    112900873
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Brookfield Properties Corporation Series 'K'          BPO.PR.K    112900865
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Canada Life Financial Corporation Series 'B'           CL.PR.B    135113306
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Canadian Imperial Bank of Commerce Series '18'         CM.PR.P    136069721
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Canadian Imperial Bank of Commerce Series '23'         CM.PR.A    136069648
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Canadian Imperial Bank of Commerce Series '26'         CM.PR.D    136069614
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Canadian Imperial Bank of Commerce Series '27'         CM.PR.E    136069598
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Canadian Imperial Bank of Commerce Series '29'         CM.PR.G    136069564
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Canadian Imperial Bank of Commerce Series '30'         CM.PR.H    136069556
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Canadian Imperial Bank of Commerce Series '31'         CM.PR.I    136069549
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Canadian Imperial Bank of Commerce Series '32'         CM.PR.J    136069531
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Canadian Imperial Bank of Commerce Series '33'         CM.PR.K    136069499
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Canadian Life Companies Split Corp.                   LFE.PR.A    136290202
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Canadian Utilities Limited Series 'W'                  CU.PR.A    136717865
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Canadian Utilities Limited Series 'X'                  CU.PR.B    136717717
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CU Inc.                                               CIU.PR.A    22944C205
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Dividend 15 Split Corp.                               DFN.PR.A    25537R208
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Duke Energy Corporation Series '7'                      W.PR.H    95751D888
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Duke Energy Corporation Series '8'                      W.PR.J    95751D862
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Dundee Bancorp Inc. Series '1'                         DC.PR.A    264901604
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DundeeWealth Inc. Series '1'                           DW.PR.A    265312405
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Emera Inc. Series 'C'                                 NSI.PR.C    669816605
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Emera Inc. Series 'D'                                 NSI.PR.D    669816803
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Enbridge Inc. Series 'A'                              ENB.PR.A    29250N204
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Faircourt Income & Growth Split Trust                 FIG.PR.A    30376R202
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Financial 15 Split Corp.                              FTN.PR.A    317504108
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Financial 15 Split Corp. II                           FFN.PR.A    317509206
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FirstService Corporation                              FSV.PR.U    33761N208
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Fortis Inc. Series 'C'                                FTS.PR.C    349553404
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Fortis Inc. Series 'E'                                FTS.PR.E    349553800
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Fortis Inc. Series 'F'                                FTS.PR.F    349553867
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Fortis Inc. Series 'G'                                FTS.PR.G    349553834
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George Weston Limited Series 'I'                       WN.PR.A    961148889
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George Weston Limited Series 'II'                      WN.PR.B    961148871
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George Weston Limited Series 'III'                     WN.PR.C    961148863
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George Weston Limited Series 'IV'                      WN.PR.D    961148855
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George Weston Limited Series 'V'                       WN.PR.E    961148848
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Great-West Life Assurance Company Series 'O'          GWL.PR.O    391370608
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Great-West Lifeco Inc. Series 'D'                     GWO.PR.E    39138C601
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Great-West Lifeco Inc. Series 'E'                     GWO.PR.X    39138C700
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Great-West Lifeco Inc. Series 'F'                     GWO.PR.F    39138C809
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Great-West Lifeco Inc. Series 'G'                     GWO.PR.G    39138C882
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Great-West Lifeco Inc. Series 'H'                     GWO.PR.H    39138C874
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Great-West Lifeco Inc. Series 'I'                     GWO.PR.I    39138C866
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Great-West Lifeco Inc. Series 'J'                     GWO.PR.J    39138C858
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HSBC Bank Canada Series 'C'                           HSB.PR.C    40427H509
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HSBC Bank Canada Series 'D'                           HSB.PR.D    40427H707
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Industrial Alliance Series 'A'                        IAG.PR.A    455871301
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Industrial Alliance Series 'C'                        IAG.PR.C    455870402
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Investors Group Inc. Series 'A'                       IGM.PR.A    449586205
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Laurentian Bank of Canada Series '10'                  LB.PR.E    51925D866
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Laurentian Bank of Canada Series '9'                   LB.PR.D    51925D874
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Life & Banc Split Corp.                               LBS.PR.A    53184C118
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Loblaw Companies Limited Series 'A'                     L.PR.A    539481606
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Manulife Financial Corporation Series '1'             MFC.PR.A    56501R304
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Manulife Financial Corporation Series '2'             MFC.PR.B    56501R403
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Manulife Financial Corporation Series '3'             MFC.PR.C    56501R502
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National Bank of Canada Series '15'                    NA.PR.K    633067715
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National Bank of Canada Series '16'                    NA.PR.L    633067517
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National Bank of Canada Series '20'                    NA.PR.M    633067418
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National Bank of Canada Series '21'                    NA.PR.N    633067392
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Power Corporation of Canada Series 'A'                POW.PR.A    739239887
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Power Corporation of Canada Series 'B'                POW.PR.B    739239804
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Power Corporation of Canada Series 'C'                POW.PR.C    739239879
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Power Corporation of Canada Series 'D'                POW.PR.D    739239861
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Power Financial Corporation Series 'D'                PWF.PR.E    73927C803
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Power Financial Corporation Series 'E'                PWF.PR.F    73927C886
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Power Financial Corporation Series 'F'                PWF.PR.G    73927C878
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Power Financial Corporation Series 'I'                PWF.PR.I    73927C845
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Power Financial Corporation Series 'J'                PWF.PR.J    73927C852
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Power Financial Corporation Series 'K'                PWF.PR.K    73927C837
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Power Financial Corporation Series 'L'                PWF.PR.L    73927C829
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Power Financial Corporation Series 'M'                PWF.PR.M    73927C811
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Royal Bank of Canada Series 'AA'                       RY.PR.A    780085445
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Royal Bank of Canada Series 'AB'                       RY.PR.B    780085247
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Royal Bank of Canada Series 'AC'                       RY.PR.C    780102604
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Royal Bank of Canada Series 'AD'                       RY.PR.D    780102844
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Royal Bank of Canada Series 'AE'                       RY.PR.E    780102760
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Royal Bank of Canada Series 'AH'                       RY.PR.H    78010A630
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Royal Bank of Canada Series 'AJ'                       RY.PR.I    78010A416
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Royal Bank of Canada Series 'AL'                       RY.PR.L    78010A333
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Royal Bank of Canada Series 'AN'                       RY.PR.N    780086302
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Royal Bank of Canada Series 'W'                        RY.PR.W    780085502
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Sun Life Financial Inc. Series '1'                    SLF.PR.A    866796204
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Sun Life Financial Inc. Series '2'                    SLF.PR.B    866796303
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Sun Life Financial Inc. Series '3'                    SLF.PR.C    866796402
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Sun Life Financial Inc. Series '5'                    SLF.PR.E    866796600
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Thomson Reuters Corporation Series 'B'                TRI.PR.B    884903303
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Toronto-Dominion Bank Series 'AA'                      TD.PR.A    891145807
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Toronto-Dominion Bank Series 'AC'                      TD.PR.C    891145864
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Toronto-Dominion Bank Series 'AE'                      TD.PR.E    891145831
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Toronto-Dominion Bank Series 'M'                       TD.PR.M    891160715
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Toronto-Dominion Bank Series 'N'                       TD.PR.N    891160699
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Toronto-Dominion Bank Series 'O'                       TD.PR.O    891160681
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Toronto-Dominion Bank Series 'S'                       TD.PR.S    891145609
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Toronto-Dominion Bank Series 'Y'                       TD.PR.Y    891145708
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Trans-Canada Pipelines Series 'Y'                     TCA.PR.Y    893526699
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Trans-Canada Pipelines Series 'U'                     TCA.PR.X    893526715
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YPG Holding Inc. Series '1'                           YPG.PR.A    984246207
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YPG Holding Inc. Series '2'                           YPG.PR.B    984246306
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Convertible Bonds
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Issuer                                  Convertible Bond   Ticker     CUSIP
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Advantage Energy Income Fund 8.00% due December 31, 2011 AVN.DB.G 00762LAJ0
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                             7.75% due December 1, 2011  AVN.DB.D 00762LAE1
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                                6.50% due June 30, 2010  AVN.DB.E 00762LAF8
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Algonquin Power Income      
 Fund                       6.20% due November 30, 2016  APF.DB.A 015910AB8
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                                6.65% due July 31, 2011    APF.DB 015910AA0
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Bonavista Energy Trust          7.50% due June 30, 2009    BNP.DB 098536AA3
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                                6.75% due June 30, 2010  BNP.DB.A 098536AB1
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Calloway Real Estate                                     
 Investment Trust               6.65% due June 30, 2013  CWT.DB.A 131253AD8
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Cargojet Income Fund           7.50% due April 30, 2013    CJT.DB 14179EAA3
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Chartwell Seniors Housing    
 REIT                        6.00% due December 1, 2011    CSH.DB 16140UAA8
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                                  5.90% due May 1, 2012  CSH.DB.A 16140UAB6
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Cineplex Galaxy Income      
 Fund                       6.00% due December 31, 2012    CGX.DB 172453AA0
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Colabor Income Fund         7.00% due December 31, 2011    CLB.DB 192668AA9
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Cominar Real Estate                                        
 Investment Trust               6.30% due June 30, 2014    CUF.DB 199910AA8
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                                5.70% due June 30, 2014  CUF.DB.B 199910AB6
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                           5.80% due September 30, 2014  CUF.DB.C 199910AD2
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Crombie Real Estate                                        
 Investment Trust              7.00% due March 20, 2013    CRR.DB 227107AA7
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Daylight Resources Trust     
 Ltd.                        8.50% due December 1, 2009    DAY.DB 239600AA7
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                             8.50% due October 31, 2012  DAY.DB.B 239600AB5
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                           10.00% due December 31, 2013  DAY.DB.C 239600AE9
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Dundee Real Estate          
 Investment Trust           6.00% due December 31, 2014    D.DB.B 265270AD0
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Eveready Inc.                   7.00% due June 30, 2011    EIS.DB 29976XAA4
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Extendicare Real Estate
 Investment Trust                7.25% due June 3, 2013  EXE.DB.A 302251AB9
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                                 5.70% due June 3, 2014    EXE.DB 302251AA1
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Fairborne Energy Ltd.       6.50% due December 31, 2011    FEL.DB 303623AA0
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Firm Capital Mortgage
 Investment Trust               6.00% due June 30, 2013     FC.DB 318324AA8
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First Capital Realty Inc.  5.50% due September 30, 2017  FCR.DB.A 31943BAH3
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First Uranium Corporation       4.25% due June 30, 2012    FIU.DB 33744RAA0
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Fort Chicago Energy         
 Partners                   6.75% due December 31, 2010  FCE.DB.B 346921AB5
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General Donlee Income Fund      7.00% due June 30, 2014    GDI.DB 369540AA7
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H&R Real Estate Investment
 Trust                          6.65% due June 30, 2013     HR.DB 403925AA8
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Harvest Energy Trust        6.50% due December 31, 2010  HTE.DB.B 41752XAD3
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                             6.40% due October 31, 2012  HTE.DB.D 41752XAF8
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                           7.25% due September 30, 2013  HTE.DB.E 41752XAH4
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                                 7.50% due May 31, 2015  HTE.DB.G 41752XAK7
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InnVest Real Estate                                      
 Investment Trust                6.00% due May 31, 2013  INN.DB.B 45771TAD0
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                               6.25% due April 15, 2011  INN.DB.A 45771TAB4
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                               5.85% due August 1, 2014  INN.DB.C 45771TAE8
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Keyera Facilities Income    
 Fund                       8.25% due December 31, 2013  KEY.DB.A 493272AB4
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Liquor Stores Income Fund   6.75% due December 31, 2012    LIQ.DB 536345AA9
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Macquarie Power &           
 Infrastructure Income Fund 6.75% due December 31, 2010    MPT.DB 556084AA9
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Medical Facilities                                          
 Corporation                   7.50% due April 30, 2013     DR.DB 58457VAC1
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NAL Oil & Gas Trust           6.75% due August 31, 2012    NAE.DB 628949AA7
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Newalta Inc.                7.00% due November 30, 2012    NAL.DB 65020PAA1
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Northland Power Income                                     
 Fund                           6.50% due June 30, 2011    NPI.DB 666910AA2
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Paramount Energy Trust     8.00% due September 30, 2009    PMT.DB 699219AA9
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                                6.25% due June 30, 2010  PMT.DB.A 699219AC5
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                               6.25% due April 30, 2011  PMT.DB.B 699219AE1
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                                6.50% due June 30, 2012  PMT.DB.C 699219AF8
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Pembina Pipeline Income     
 Fund                       7.35% due December 31, 2010  PIF.DB.B 706329AC3
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Pengrowth Energy Trust      6.50% due December 31, 2010    PGF.DB 706902AA1
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Penn West Energy Trust           7.20% due May 31, 2011  PWT.DB.E 707885AB5
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                              8.00% due August 31, 2009  PWT.DB.B 707885AD1
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                                6.50% due July 31, 2010  PWT.DB.D 707885AE9
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                                8.00% due June 30, 2010  PWT.DB.C 707885AA7
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                            6.50% due December 31, 2011  PWT.DB.F 707885AF6
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Primaris Retail Real           
 Estate Investment 
 Trust                         5.85% due August 1, 2014  PMZ.DB.A 74157UAC3
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Progress Energy Resources                                  
 Corp.                          6.75% due June 30, 2010    PGX.DB 74326YAA5
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                           6.25% due September 30, 2011  PGX.DB.A 74326YAB3
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Provident Energy Trust          8.00% due July 31, 2009  PVE.DB.B 74386KAC8
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                              6.50% due August 31, 2012  PVE.DB.C 74386KAD6
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                               6.50% due April 30, 2011  PVE.DB.D 74386KAE4
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Rogers Sugar Income Fund        6.00% due June 29, 2012  RSI.DB.A 774910AC7
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                                5.90% due June 29, 2013  RSI.DB.B 774910AE3
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Royal Host Real Estate       
 Investment Trust            6.00% due October 31, 2015  RYL.DB.B 78029AAD2
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                                5.90% due June 30, 2014  RYL.DB.D 78029AAF7
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                           6.25% due September 30, 2013  RYL.DB.C 78029AAE0
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Superior Plus Corp.          5.85% due October 31, 2015  SPF.DB.C 86828PAB9
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                            5.75% due December 31, 2012  SPF.DB.B 86828PAA1
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Trinidad Drilling Ltd.          7.75% due July 31, 2012    TDG.DB 896356AA0
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Western Canadian Coal                                      
 Corp.                         7.50% due March 24, 2011    WTN.DB 957860AA7
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YPG Holdings Inc.              5.50% due August 1, 2011    YPG.DB 984246AC2
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The syndicate of agents for this offering is being led by CIBC World Markets Inc. and includes BMO Capital Markets, National Bank Financial Inc., RBC Capital Markets, Scotia Capital Inc., TD Securities Inc., Wellington West Capital Markets Inc., Canaccord Capital Corporation, Dundee Securities Corporation, HSBC Securities (Canada) Inc., Manulife Securities Incorporated, Raymond James Ltd., Richardson Partners Financial Limited, Blackmont Capital Inc. and GMP Securities L.P.

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.