An anonymous director reports

FIRST ASSET CLOSED-END FUNDS ESTIMATED DISTRIBUTIONS FOR YEAR-END 2014

First Asset has declared estimated regular distributions and estimated special distributions (if any) for the year ending Dec. 31, 2014. The final distribution amounts will be announced shortly after the year-end and, prior to payment, once each fund's year-end tax position is finalized.

Estimated regular distributions

The estimated regular distributions in the attached table will be paid in cash on or before Jan. 15, 2015, to holders of record on Dec. 31, 2014.

Name                                                         TSX symbol          Estimated regular
                                                                            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 (U.S.)
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                      $0.15
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
CanBanc 8 Income Corp.                                              CBF                      $0.15
First Asset Morningstar U.S. Consumer Defensive Index Fund       UCD.UN                    $0.0569

Estimated special distributions

The estimated special distributions in the attached table 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 estimated special distributions. The cash portion of the estimated special distributions is intended to cover the maximum tax liability for capital gains for unitholders in the highest marginal tax bracket (premised on the special distribution comprising capital gains).

For the two funds listed in the attached table, the estimated special distributions will be paid (in cash or in securities as described above) on or before Jan. 15, 2015, to holders of record on Dec. 31, 2014.

Name                                         TSX symbol    Estimated special distribution (per unit)
                                                                       In cash             In units  
           
First Asset Canadian REIT Income Fund           RIT.UN                  $0.025               $0.075               
JFT Strategies Fund -- Class A                  JFS.UN                   $0.25                $0.75                
JFT Strategies Fund -- Class F                     n/a                   $0.29                $0.86                

For the fund listed in the attached table, the estimated special distribution will be paid in cash on Dec. 31, 2014, to Class A shareholders of record on Dec. 31, 2014.

Name                                         TSX symbol    Estimated special distribution (per unit)
                                                                                            In cash  
                                
First Asset CanBanc Split Corp. -- Class A          CBU                                       $0.60                                    

The actual taxable amounts of all distributions for 2014, including the tax characteristics of the distributions, will be reported to brokers (through CDS Clearing and Depository Services Inc.) in early 2015.