Communiqués de presse

Preferred Share Investment Trust Announces Reopening

Toronto, August 10, 2012 - Preferred Share Investment Trust (the "Fund") (TSX: PSF.UN) announces that it has filed a preliminary short form prospectus in each of the provinces of Canada with respect to an additional offering (the "Offering") of Units (the "Units") of the Fund.

The Fund invests in an actively managed portfolio (the "Portfolio") comprised primarily of investment grade preferred shares and to a lesser extent investment grade corporate debt and convertible bonds in order to provide unitholders ("Unitholders") with quarterly distributions and the opportunity for growth of their investment value through any capital appreciation of the Portfolio.

The Portfolio is actively managed by Aston Hill Asset Management Inc. First Asset Investment Management Inc. is the manager of the Fund.

The Fund's investment objectives are to provide Unitholders with:

(a) quarterly distributions; and
(b) the opportunity for capital appreciation from the performance of the Portfolio.

The Fund currently pays a quarterly distribution in the amount of $0.175 per Unit.

The price of the Units will equal or exceed the net asset value per Unit on the day preceding the date on which the price is determined plus the portion of the expenses to be borne by purchasers of the offering. As with the Fund's initial public offering in 2009, and its reopening in 2011, the Manager will reimburse the Fund for the expenses of the Offering not borne by purchasers under the offering by issuing to the Fund a note (or an amended note) in respect of such amount.

The Offering is being made on a best efforts agency basis in each of the provinces of Canada through a syndicate of investment dealers led by CIBC, co-led by National Bank Financial Inc., RBC Capital Markets and TD Securities Inc, and including BMO Capital Markets, Scotiabank, Canaccord Genuity Corp., GMP Securities L.P., Macquarie Private Wealth Inc. and Raymond James Ltd.

For further information, please call Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit

A preliminary short form prospectus containing important information relating to the Units has been filed with securities commissions or similar authorities in all provinces of Canada. The preliminary short form prospectus is still subject to completion or amendment. Copies of the preliminary short form prospectus may be obtained from your registered financial advisor. There will not be any sale or any acceptance of an offer to buy the Units until a receipt for the final prospectus has been issued.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Certain statements included herein constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect the Manager's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Manager believes that the assumptions inherent in the forward looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Manager undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other factors which affect this information, except as required by law.