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Preferred Share Investment Trust: Press Release

TORONTO, June 19, 2009 - Preferred Share Investment Trust (TSX: PSF.UN) (the "Trust") announces its initial distribution of $0.1692 per Unit for the quarter ending June 30, 2009. The distribution will be paid on or before July 15, 2009 to unitholders of record on June 30, 2009.

The Trust's most recent net asset value per unit is $11.16.

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