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First Asset CanBanc Split Corp. Announces Normal Course Issuer Bid for Preferred Shares and Class A Shares

TORONTO, December 31, 2008 - First Asset CanBanc Split Corp. (the "Corporation") (TSX: "CBU.PR.A" and "CBU") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Corporation's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB") to permit the Corporation to acquire its Preferred Shares and Class A Shares (collectively, the "Securities").

Pursuant to the NCIB, the Corporation proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 132,000 Preferred Shares and up to 132,000 Class A Shares of the Corporation, representing approximately 10% of the public float which is the same number as the Corporation's issued and outstanding Securities, being 1,320,000 Preferred Shares and 1,320,000 Class A Shares as of the date hereof. The Corporation will not purchase in any given 30-day period, in the aggregate, more than 26,400 Preferred Shares and 26,400 Class A Shares, being 2% of the issued and outstanding Securities as of the date hereof. Purchases of Securities under the NCIB may commence on January 5, 2009. The Board of Directors of First Asset Investment Management Inc., the manager of the Corporation, believes that such purchases are in the best interests of the Corporation and are a desirable use of the Corporation's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Securities purchased by the Corporation pursuant to the NCIB will not be cancelled and will be held for resale. The NCIB will expire on January 4, 2010.

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