ETF Eastfield Resources Ltd

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

First Asset U.S. & Canada LifeCo Income Fund (the "Fund") (TSX:ULC.UN) announces
that the Fund's automatic conversion feature has been triggered and, as a
result, the Fund's manager has initiated the process to convert the Fund into an
exchange traded fund ("ETF") in the manner contemplated in the Fund's prospectus
dated July 26, 2013.


The implementation of the conversion of the Fund (the "Conversion") is subject
to certain conditions, including obtaining a receipt for the final prospectus of
the ETF, receipt of certain regulatory relief and the entering into of
contractual arrangements to accommodate the Conversion. The Manager currently
anticipates that the Conversion will be implemented before the end of August,
2014. The Manager will issue a press release announcing the effective date of
the Conversion as soon as practicable after all of the conditions for the
Conversion have been met and, in any event, at least two Business Days prior to
the Conversion. 


Unitholders are not required to take any action in connection with the Conversion.

FOR FURTHER INFORMATION PLEASE CONTACT: 
Investor Relations
First Asset Investment Management Inc.
416-642-1289 or 1-877-642-1289
www.firstasset.com

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