Exchange Bulletin

First Asset Hamilton Capital European Bank (FHB) To Trade On Toronto Stock Exchange


July 28, 2014

First Asset Hamilton Capital European Bank (the "ETF") - An application has been granted for the original listing in the Industrial category of 175,000 common units (the "Common Units") and 25,000 advisor class units (the "Advisor Class Units") of the ETF (collectively, the "Units"), all of which will be issued and outstanding, upon the completion of an initial public offering.

Listing of the Units will become effective at 5:01 p.m. on Monday, July 28, 2014 in anticipation of the offering closing prior to the opening of trading on Tuesday, July 29, 2014. The Units will be posted for trading at the opening on July 29, 2014 upon confirmation of the closing.

The ETF is authorized to issue an unlimited number of redeemable, transferable Units of each of the Common Units and the Advisor Class Units, each of which represents an undivided interest in the net assets of the ETF. Units of the ETF are being offered for sale on a continuous basis and there is no maximum number of Units of the ETF that may be issued.

Registration of interests in, and transfers of, Units of the ETF will be made only through the book-entry only system of CDS Clearing and Depository Services Inc. ("CDS"). Units of the ETF must be purchased, transferred and surrendered for redemption only through a CDS Participant. Upon buying Units of the ETF, the owner will receive only the customary confirmation.

Additional information on the Units may be found in the final prospectus of the ETF dated July 18, 2014 (the "Prospectus") which is available at www.SEDAR.com. Capitalized terms not otherwise defined are as defined in the Prospectus.


Common Units

Stock Symbol: "FHB " CUSIP: 31863Q 10 3 Trading Currency: CDN$


Advisor Class Units

Stock Symbol: "FHB.A" CUSIP: 31863Q 20 2 Trading Currency: CDN$



Designated Market Maker: National Bank Financial Inc.
Other Markets: None.
Head Office Address: 95 Wellington Street West
Suite 1400
Toronto, Ontario
M5J 2N7
Email Address: info@firstasset.com
Website: www.firstasset.com
Head Office Telephone Number: (416) 642-1289
Fax Number: (416) 362-2199
Investor Relations: Z. Edward Akkawi
Tel: (416) 640-4938
Email: eakkawi@firstasset.com

Manager: First Asset Investment Management Inc.
Transfer Agent & Registrar: Computershare Trust Company of Canada at its principal office in Toronto.
Chief Financial Officer: Karen Wagman
Corporate Secretary: Z. Edward Akkawi
Fiscal Year End: December 31
Incorporation: The ETF is an open-ended mutual fund trust established on July 18, 2014 under the laws of the Province of Ontario by an amended and restated Declaration of Trust.
Nature of Business: The ETF's investment objective is to seek long-term total returns consisting of long-term capital appreciation and regular dividend income from an actively managed portfolio comprised primarily of equity securities of European banks. The First Asset ETF will seek to achieve its investment objective through the application of specialized analysis and expertise and intends to invest in a portfolio of equity securities that in the view of the Portfolio Manager represents a diversified portfolio of the most attractive opportunities in the European banking sector. The First Asset ETF's investments may be selected from any sub-sector or capitalization level of the European banking sector. Generally, the portfolio will consist of between 25 and 35 holdings, and may include ADRs, ADSs, GDRs and IDRs.
Common and Advisor Class: The only difference between Common Units and Advisor Class Units is the Management Fee payable by the ETF due to the service fee payable by the Manager in respect of the Advisor Class Units. Accordingly, the net asset value per Unit of each class will not be the same as a result of the different fees allocable to each class of Units.
Conversion of Units: Unitholders may convert Units of any class of the First Asset ETF (the "Converting Units") into whole Units of any other class of the First Asset ETF (the "Converted Units") in any month. To do so, the Converting Units must be surrendered and the Unitholder's CDS Participant must deliver to CDS (at its office in the City of Toronto) on behalf of the Unitholder a written notice of the Unitholder's intention to convert during the period from the first day of a month until 5:00 p.m. (Toronto time) on the last business day prior to the 16th day of such month. Converting Units surrendered for conversion will be converted on the last Trading Day of that month (the "Monthly Conversion Date"). For a Unitholder's Converting Units so converted, the Unitholder will receive a number of whole Converted Units equal to the net asset value per Converting Unit as of the Monthly Conversion Date, multiplied by the number of Converting Units so converted divided by the net asset value per Converted Unit as of the Monthly Conversion Date. As no fractional Units will be issued upon conversion, any remaining fraction of a Converting Unit will be redeemed at its net asset value.
Distributions: Any cash distributions of income on Units of the ETF are expected to be made at least quarterly. As a result of the higher management fees on the Advisor Class Units, any such cash distributions on the Advisor Class Units are expected to be less than the distributions payable on the Common Units.
Initial Issuance of Units: Pursuant to the Prospectus, 175,000 Common Units and 25,000 Advisor Class Units of the ETF will be initially issued at a subscription price of $10.00 per Unit. Units of the ETF are being issued and sold on a continuous distribution basis.