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First Asset REIT Income Fund Announces Normal Course Issuer Bid For Units

TORONTO, January 4, 2012 - First Asset REIT Income Fund (the "Fund") (TSX: "RIT.UN") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").

Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 677,894 Units of the Fund, representing approximately 10% of the public float, being 6,778,941 Units as of the close of business of January 2, 2012. The Fund will not purchase in any given 30-day period, in the aggregate, more than 178,089 Units, representing approximately 2% of the issued and outstanding Units, being 8,904,456 Units as of the close of business of January 2, 2012. Purchases of Units under the NCIB may commence on January 6, 2012. The Board of Directors of First Asset Investment Management Inc., the manager of the Fund, believes that such purchases are in the best interests of the Fund and are a desirable use of the Fund's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Units purchased by the Fund pursuant to the NCIB will not be cancelled and will be held for resale. The NCIB will expire on January 5, 2013.

On December 31, 2010, the Fund announced that it was making a Normal Course Issuer Bid, which commenced January 5, 2011, to purchase up to 779,948 Units through the facilities of the TSX. The Fund repurchased 49,900 Units at an average price of $10.47 per unit under the bid, which expires on January 4, 2012.

For further information, please contact Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.