CanBanc Income Corp. Confirms ETF Conversion Details and Announces Quarterly Distribution

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TORONTO, Sept. 18, 2015 CanBanc Income Corp. (the "Fund") (TSX: CIC) announces that it will automatically convert into an exchange-traded fund on September 24, 2015 (the "Conversion Date").  In connection with the conversion, the Fund has filed a final prospectus dated September 18, 2015 (the "Prospectus"), with the securities regulatory authorities of all of the provinces and territories of Canada.  

On the Conversion Date, the Fund's existing equity shares will be re-designated as an exchange traded fund series of a new class of shares of the Fund known as "First Asset CanBanc Income ETF" (the "ETF"), and their ticker symbol will remain unchanged as CIC.

The Fund also announces that its final distribution as a closed-end fund in the amount of $0.1750 per share will be paid in the ordinary course to shareholders of record on September 30, 2015.  The distribution will be paid on or about October 5, 2015.  Commencing with the quarter-ending December 31, 2015, quarterly distributions (if any) will be paid by the ETF to shareholders of record on the second to last business day of each quarter, and will be paid on or before the fourth business day following the record date.

Shareholders are not required to take any action in connection with the conversion. Further details of the conversion are described in the Prospectus and in the management information circular that was mailed to shareholders on or about June 18, 2015.

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First Asset is an independent investment firm, focused on providing smart, low cost solutions that address the real-world investment needs of Canadians - capital appreciation, income generation and risk mitigation. Rooted in strong fundamentals, First Asset's smart solutions strive to deliver better risk-adjusted returns than the broad market while helping investors achieve their personal financial goals.

This communication is intended for informational purposes only. This offering is made only by prospectus. The prospectus contains important detailed information about the ETF and its shares. A copy of the prospectus may be obtained from your investment advisor, First Asset or at www.sedar.com. Investors should read the prospectus before making an investment decision. Commissions, trailing fees, management fees and expenses all may be associated with investments in the ETF. The ETF is managed by First Asset Investment Management Inc.

SOURCE First Asset Close-End Funds

please call Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.