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First Asset REIT Income Fund Confirms January Distribution and Provides Guidance for 2008

TORONTO, January 22, 2008 - First Asset REIT Income Fund (TSX: RIT.UN) announces a distribution for the month ending January 31, 2008 of $0.07 per Unit and sets its distribution target at $0.07 per Unit per month for 2008, representing an annualized yield of 8.3% based on the latest closing market price. The distribution will be paid on February 15, 2008 to unitholders of record on January 31, 2008.

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