Communiqués de presse

Preferred Share Investment Trust Announces Exercise of Over-Allotment Option

TORONTO, April 29, 2009 - Preferred Share Investment Trust (the "Trust") (TSX:PSF.UN) announces that the Trust's syndicate of agents for its initial public offering has exercised its over-allotment option and acquired an additional 438,000 units of the Trust. In total, the Trust issued approximately 5.95 million units pursuant to its initial public offering, yielding gross proceeds of approximately $59.5 million. The Units are listed on the Toronto Stock Exchange ("TSX") under the symbol PSF.UN.

The Trust 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 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 Catapult Financial Management Inc., a subsidiary of Aston Hill Financial Inc. Ben Cheng is the lead portfolio manager responsible for the Portfolio. First Asset Investment Management Inc. acts 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 syndicate of agents for this offering was led by CIBC World Markets Inc. and included 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, First Asset, at (416) 642-1289 or (877) 642-1289, or visit