An anonymous director reports

ESTIMATED 2016 ANNUAL SPECIAL DISTRIBUTIONS FOR FIRST ASSET ETFS

First Asset Investment Management Inc. has estimated the annual special year-end distributions for the 2016 tax year for First Asset ETFs (exchange-traded funds).

Please note that these are estimated amounts only as of Nov. 30, 2016, and include certain forward-looking information which may cause the estimated special distributions to change before the First Asset funds' tax year-end on Dec. 15, 2016.

These estimated amounts are for the special distributions only, and do not include the continuing regular monthly or quarterly cash distribution amounts, which are expected to be declared in a separate news release on or before Dec. 16, 2016.

Each of the First Asset ETFs is required to distribute any net income and capital gains that it has earned in the year. The special distributions will generally consist of capital gains and any excess net income at year-end. The special distributions will not be paid in cash, but will be reinvested and the resulting units immediately consolidated so that the number of units held by each investor will not change. Investors holding their units outside registered plans will have taxable amounts to report and an increase in the adjusted cost base of their investment. In all cases, the special distributions will be paid on or about Dec. 30, 2016, to unitholders of record on Dec. 29, 2016. The ex dividend date in each case is Dec. 23, 2016.

First Asset expects to declare the final, confirmed special distribution amounts (subject to any further revisions to per-unit amounts resulting from subscription and redemption activity prior to the record date) on or about Dec. 30, 2016. The actual taxable amounts of all distributions for 2016, including the tax characteristics of the distributions, will be reported to brokers (through CDS Clearing and Depository Services Inc.) in early 2017.

Fund name                                                    Trading symbol     Estimated special
                                                             on the Toronto      distribution per
                                                             Stock Exchange       fund unit as at
                                                                                    Nov. 30, 2016

First Asset Canadian Buyback Index ETF                                  FBE                 $0.00
First Asset U.S. Buyback Index ETF                                      FBU                 $0.00
First Asset U.S. Equity Multi-Factor Index ETF                          FUM                 $0.00
First Asset Canadian Dividend Low Volatility Index ETF                  FDL                 $0.00
First Asset U.S. Tactical Sector Allocation Index ETF                   FUT                 $0.00

First Asset provides estimated distributions for information purposes only. These estimates are not intended to be, nor should they be construed to be, legal or tax advice to any particular person.

We seek Safe Harbor.