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First Asset Closed-End Funds Confirms Distributions for Year-End 2013

TORONTO, ONTARIO -- (Marketwired) -- 01/09/14 -- First Asset confirms the regular distributions ("Regular Distributions") previously announced on December 18, 2013, for the period ending December 31, 2013. The special distribution announced on December 18, 2013, in respect of First Asset Canadian REIT Income Fund has been revised as noted below under the heading "Special Distribution".

Regular Distributions

The following Regular Distributions will be paid in cash on or before January 15, 2014, to holders of record on December 31, 2013.

                                                          Confirmed Regular
Name                                      TSX Symbol Distribution (per unit)
First Asset Yield Opportunity Trust -
 Series A                                     FAY.UN         $        0.1458
First Asset Yield Opportunity Trust -
 Series B                                      FAY.U         $   0.044 (USD)
First Asset Canadian REIT Income Fund         RIT.UN         $          0.05
First Asset Pipes & Power Income Fund         EWP.UN         $          0.03
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         $         0.175
First Asset CanBanc Split Corp. -
 Preferred Shares                           CBU.PR.A         $        0.1625
CanBanc Income Corp.                             CIC         $         0.175
Can-60 Income Corp.                              CSY         $        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
First Asset Canadian Dividend Opportunity
 Fund II                                      DVF.UN         $       0.04167
CanBanc 8 Income Corp.                           CBF         $          0.15
First Asset Morningstar U.S. Consumer
 Defensive Index Fund                         UCD.UN         $          0.05
First Asset U.S. & Canada LifeCo Income
 Fund                                         ULC.UN         $0.235 (Note 1)
Note 1 - Includes a pro- rated amount for the period from the Fund's first
day of trading (August 22, 2013) to December 31, 2013.

Special Distribution

The special distribution announced on December 18, 2013 in respect of First Asset Canadian REIT Income Fund has been revised (the "Special Distribution") as noted in the table below. The Special Distribution is confirmed and will be paid in cash and in units. One-quarter will be paid in cash, and the balance 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. As a result, the net asset value per unit of the Fund will decrease by an amount equal to the cash portion of the Special Distribution. The cash portion of the Special Distribution is intended to cover the maximum tax liability for capital gains for unitholders in the highest marginal tax bracket (premised on the special distribution being comprised of capital gains).

The Special Distribution will be paid (in cash or in securities as described above) on or before January 15, 2014 to holders of record on December 31, 2013.

                                        Estimated        Revised, Confirmed
                               TSX Special Distribution Special Distribution
Name                        Symbol      (per unit)           (per unit)
                                      In Cash  In Units    In Cash  In Units
First Asset Canadian
 REIT Income Fund           RIT.UN      $0.21     $0.64     $0.198    $0.594

For further information, please www.firstasset.com.

First Asset
Investor Relations
416-642-1289 or 1-877-642-1289

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