First Asset Canadian REIT Income Fund Confirms ETF Conversion Details

/NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./

TORONTO, July 10, 2015 /CNW/ -– First Asset Canadian REIT Income Fund (the "Fund") (TSX: RIT.UN) announces that it has filed a final prospectus dated July 10, 2015, with the securities regulatory authorities of all of the provinces and territories of Canada in connection with its conversion into an exchange-traded fund ("ETF").  The Fund will automatically convert into an ETF on July 14, 2015. In connection with the conversion:

• The Fund's name will change to "First Asset Canadian REIT ETF".
• The Fund's existing units will be re-designated as common units of the ETF, and their ticker symbol will change to RIT from RIT.UN.

Unitholders are not required to take any action in connection with the conversion. Further details of the conversion are described in the management information circular that was mailed to unitholders on or about June 22, 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 units. 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

Investor Relations, First Asset at 416-642-1289 or 18776421289 or visit www.firstasset.com