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First Asset REIT Income Fund Announces Completion of Rights Offering

TORONTO, ONTARIO (May 28, 2008) - First Asset REIT Income Fund (TSX:RIT.UN) announces that it has completed the offering of rights pursuant to the short form prospectus dated April 17, 2008. The offering was over-subscribed and accordingly the maximum of 3,165,443 Units were issued for net proceeds of approximately $31 million, after deducting expenses of the offering. The Fund will use the net proceeds of the offering to acquire, in the open market, securities of real estate investment trusts and real estate corporations in accordance with the Fund's investment policies and restrictions.

For further information, please call Paul Dinelle, Executive Vice-President or Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.