Further to its press release on March 26, 2013, First Asset Investment Management Inc. ("First Asset") announces that effective immediately it will temporarily close First Asset Morningstar Emerging Markets Composite Bond Index ETF (TSX:EXM)(TSX:EXM.A) (the "Fund") to new subscriptions. Though no new units of the Fund will be issued at this time, previously issued units will continue to trade on the Toronto Stock Exchange.

The decision to temporarily close the Fund to new subscriptions results from the "character conversion" measures in the 2013 Federal Budget which effectively prevent the Fund from investing new subscription proceeds indirectly through the existing forward agreement.

First Asset intends to reopen the Fund to new subscriptions once it has implemented changes that will permit the Fund to pursue its investment objectives both directly and indirectly, through the continued use of the existing forward agreement until it expires in September, 2015.

First Asset anticipates that the changes will be implemented before the end of May, 2013, and will provide more details in a notice that it will send to unitholders as soon as possible and in any event not later than 30 days before such changes are implemented.

Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this news release and to other matters identified in public filings relating to the Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to vary from those expressed or implied by such forward-looking statements. The opinions contained in this news release are solely those of the Manager and are subject to change without notice. The reference information was obtained from publicly available sources, and although the Manager believes that these independent sources are generally reliable, the accuracy and completeness of such information is not guaranteed and has not been independently verified. The Manager assumes no responsibility for any losses or damages, whether direct or indirect which arise from the use of this information and expressly disclaims liability for any errors or omissions of this information. The Manager does not assume any obligation, to update or revise these forward-looking statements to reflect new events or circumstances.

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First Asset Morningstar Emerging Markets Composite Bond Index ETF: Press Release