Press Releases

First Asset Closed-End Funds Estimated Distributions for Year-End 2015

TORONTO, December 18, 2015 - First Asset announces the following estimated regular distributions ("Estimated Regular Distributions") and estimated special distributions (if any) ("Estimated Special Distributions") for the year ending December 31, 2015. The final distribution amounts will be confirmed and announced shortly after the year-end and, prior to payment, once each Fund's year-end tax position is finalized.

Estimated Regular Distributions
The following Estimated Regular Distributions will be paid in cash on or before January 15, 2016, to holders of record on December 31, 2015.

Name TSX Symbol Estimated Regular Distribution (per unit)
Utility Split Trust – Capital Units UST.UN $0.05
Utility Split Trust – Preferred Shares UST.PR.B $0.13125
Triax Diversified High-Yield Trust TRH.UN $0.07
First Asset Diversified Convertible Debenture Fund DCD.UN $0.30
Preferred Share Investment Trust PSF.UN $0.15
First Asset CanBanc Split Corp. – Preferred Shares CBU.PR.A $0.1625
Canadian Advantaged Convertibles Fund ADC.UN $0.15
Can-Financials Income Corp. FIC $0.15
North American Advantaged Convertibles Fund NCD.UN $0.125
CanBanc 8 Income Corp. CBF $0.15
First Asset Morningstar U.S. Consumer Defensive Index Fund UCD.UN $0.0612

Estimated Special Distributions
For the Fund listed below, the Estimated Special Distribution will be paid on or before January 15, 2016, to holders of record on December 31, 2015. The Estimated Special Distribution will be paid by the issuance of units of the Fund, and immediately thereafter, the issued and outstanding capital of the Fund will be consolidated such that the number of issued and outstanding units of the Fund does not change.

Name TSX Symbol Estimated Special Distributions (per unit)
JFT Strategies Fund – Class A JFS.UN $0.89
JFT Strategies Fund – Class F n/a $1.09

For the Fund listed below, the Estimated Special Distribution will be paid in cash on December 31, 2015, to the Class A Shareholders of record on December 31, 2015 and, as a result, the net asset value per unit of the Fund will decrease by an amount equal to the Special Distribution.

Name TSX Symbol Estimated Special Distributions (per unit)
First Asset CanBanc Split Corp. – Class A Shares CBU $0.16

The actual taxable amounts of all distributions for 2015, including the tax characteristics of the distributions, will be reported to brokers (through CDS Clearing and Depository Services Inc. or "CDS") in early 2016.

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

This communication is intended for informational purposes only. Commissions, management fees and expenses all may be associated with investments funds. Please read the prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated.

Not for dissemination to U.S. newswire services or for dissemination to the United States of America.