Press Releases

Preferred Share Investment Trust Announces Normal Course Issuer Bid For Units

TORONTO, June 4, 2015 - Preferred Share Investment Trust (the "Fund") (TSX: "PSF.UN") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").

Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 745,454 Units of the Fund, representing approximately 10% of the public float which is the same number as the Fund's issued and outstanding Units, being 7,454,548 Units as of the close of business of May 28, 2015. The Fund will not purchase in any given 30-day period, in the aggregate, more than 149,090 Units, representing approximately 2% of the issued and outstanding Units as of the close of business of May 28, 2015. Purchases of Units under the NCIB may commence on June 8, 2015. First Asset Investment Management Inc., the manager of the Fund, believes that such purchases are in the best interests of the Fund and are a desirable use of the Fund's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Units purchased by the Fund pursuant to the NCIB will be cancelled. The NCIB will expire on June 7, 2016.

On June 4, 2014, the Fund announced that it was making a Normal Course Issuer Bid, which commenced June 6, 2014, to purchase up to 1,014,532 Units through the facilities of the TSX. The Fund has not repurchased any Units under the bid, which will expire on June 5, 2015.

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

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