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Preferred Share Investment Trust Confirms a Special Distribution

TORONTO, January 18, 2010 - Preferred Share Investment Trust (TSX: PSF.UN) confirmed a special distribution of $0.14 per Unit in respect of the year ending December 31, 2009. The special distribution will be paid on January 19, 2010 to unitholders of record on December 31, 2009.

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