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Preferred Share Investment Trust Closes Initial Public Offering

TORONTO, April 3, 2009 - Preferred Share Investment Trust (the "Trust") (TSX:PSF.UN) is pleased to announce the closing today of its initial public offering. The Trust raised gross proceeds of $55 million through the issuance of 5.5 million Units. The Units are listed on the Toronto Stock Exchange ("TSX") under the symbol PSF.UN.

The Trust will invest 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 with quarterly distributions and the opportunity for growth of their investment value through any capital appreciation of the Portfolio.

The Portfolio will be actively managed by Catapult Financial Management Inc., a subsidiary of Aston Hill Financial Inc. Ben Cheng will be the lead portfolio manager responsible for the Portfolio. First Asset Investment Management Inc. will act as the Manager of the Trust.

The Trust's investment objectives are:

  1. to provide Unitholders with quarterly distributions, estimated to initially be $0.175 per Unit ($0.70 per annum representing an annual yield of 7.0% based on the original issue price of a Unit of $10.00); and
  2. to provide Unitholders with the opportunity for capital appreciation from the performance of the Portfolio.

The Trust has granted the agents for the offering an over-allotment option to acquire additional units exercisable at any time during the next thirty days.

The syndicate of agents for this offering was led by CIBC World Markets Inc. and includes BMO Capital Markets, National Bank Financial Inc., RBC Capital Markets, Scotia Capital Inc., TD Securities Inc., Wellington West Capital Markets Inc., Canaccord Capital Corporation, Dundee Securities Corporation, HSBC Securities (Canada) Inc., Manulife Securities Incorporated, Raymond James Ltd., Richardson Partners Financial Limited, Blackmont Capital Inc. and GMP Securities L.P.

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