Charterhouse Preferred Share Index Corporation Declares Quarterly Distribution

    TORONTO, July 16 /CNW/ - Charterhouse Preferred Share Index Corporation
(the "Company") is pleased to announce a return of capital distribution of
$0.2182 per PSI Preferred Share ("Share") that will be paid in cash on July
31, 2008 to holders of record at the close of business on July 29, 2008. This
distribution covers the Company's fiscal fourth quarter ending July 31, 2008
and equates to an annualized current yield of approximately 4.67 % based on
the closing price of the Shares of $18.70 on July 15, 2008.
    Distributions paid by the Company vary from quarter to quarter as a
result of changes in the make up and weighting of the securities underlying
the Index Portfolio, the actual income received from these securities and
borrowing costs. The current distribution is $0.0094 per Share (or 4.1%) lower
than the distribution in Q3.
    The Company has previously announced that it will hold a special meeting
of its preferred shareholders on August 11, 2008. At the meeting, shareholders
will be asked to consider:

    1.  Approving the merger of the Company into Fairway Diversified Income
        and Growth Trust; and

    2.  Approving an amendment to the articles of incorporation of the
        Company to permit the Company to redeem all outstanding Shares prior
        to the scheduled redemption date if so determined by the board of
        directors of the Company to be in the best interest of the

For further information:

For further information: Kevin S. Beatson, Chief Executive Officer,, Web site:

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