Communiqués de presse

JFT Strategies Fund Closes Initial Public Offering

TORONTO, May 18, 2012 - JFT Strategies Fund (the "Fund") is pleased to announce the closing of its initial public offering. The Fund raised gross proceeds of approximately $120 million pursuant to the offering of Class A Units and Class F Units (the "Units"). The Class A Units of the Fund are listed on the Toronto Stock Exchange under the symbol of JFS.UN.

The Fund's investment objective is to maximize return on investment to holders of Units while seeking to mitigate market risk and volatility by investing in an actively managed portfolio (the "Portfolio") of long and short positions in any one or a combination of equities, debt securities or other securities.

The Portfolio will be managed by Timelo Investment Management Inc. Mr. Jean-Francois (JF) Tardif will be the lead portfolio manager responsible for the Portfolio. First Asset Investment Management Inc. is the investment manager of the Fund. First Asset is a Canadian wealth management company that manages and administers approximately $2.6 billion in assets.

The syndicate of agents for this offering was led by CIBC, co-led by National Bank Financial Inc., RBC Capital Markets and TD Securities Inc., and included Scotiabank, Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., DesJardins Securities Inc., Dundee Securities Ltd. and Macquarie Private Wealth Inc.

The Fund has granted the agents for the offering an over-allotment option to acquire additional Class A Units on the same terms exercisable at any time during the next thirty days.

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.