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First Asset CanBanc Split Corp.: Press Release

TORONTO, December 18, 2008 - First Asset CanBanc Split Corp. (TSX:CBU.PR.A) (the "Fund") announces an initial estimated quarterly distribution of $0.08832 per Preferred Share for the quarter ending December 31, 2008. The distribution will be paid on January 15, 2009 to Preferred Shareholders of record on December 31, 2008 and has been pro-rated from the Closing Date of November 12, 2008. The distribution will be confirmed shortly after the year-end, and prior to payment, once the Fund's year-end tax position is known.

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